COSMOS Price Prediction: ATOM Price Revisits Nine-Month Low; Hold Or Exit?
ATOM price is hovering near a crucial support zone following a series of lower momentum. A technical bounce back is expected with an upswing of nearly 47%. Investors are looking for a relief rally in the token after a prolonged downfall in the price.
- Atom price continues the downside momentum with modest losses.
- From the technical perspective, a jump toward $25.0 is on the cards as the formation of the bottoming pattern on the weekly chart.
- However, an acceptance below $17.0 will open the gates for further low levels.
ATOM price trades inflection point
ATOM price dropped 61 from the highs of $44.54 made in mid-January, to tag the swing lows of $17.34.This fall is the result of the ‘double top’ formation at the mentioned level. After retracing 35% in September, the ATOM price took support near the 50-day EMA (Exponential Moving Average) at $21.87. ATOM clocked gains of 25% but the bulls lack the conviction to carry forward the gains and dropped further lower to $16.59.
Currently, the ATOM price once again hovering near the reliable support placed at around $17.0. In addition to that, we expect a bullish formation, namely ‘inverted hammer’ on the weekly chart with a condition of a next green candlestick above $20.0.
If that happens, the investors would next to keep eye on the horizontal resistance zone near $25.0.
On the contrary, a fall below the session’s low would wash out the bulls’ hope of any gains. A downside target could be located near the lows visible in early August around $14.0.
As of press time, ATOM/USD holds at $17.05, down 3.20% for the day.
Technical indicators:
RSI: The weekly relative strength index remains in the oversold zone. However, it religiously stuck below the average line making bulls nervous.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
