Is Donwnside Over For Cosmos (Atom) near $33.0
Cosmos (Atom) price extends the previous session’s losses on Thursday after recording a 13% fall in a single day. The global crypto space was under the mega-selling spree after the big announcement from the US Federal Reserve.
US Fed hawkish stance in its forward guidance keeps the riskier assets on their toes. The central bank hinted it would start raising interest rates in March. Fed Governor Jerome Powell didn’t rule out rate hikes at every single meeting in the future.
Cosmos fall deepens below 20 DMA
On the daily chart, there are multiple factors that support the beginning of the upside momentum in the meme coin. First, the formation of a “Cup and Handle” pattern, which is a bullish reversal formation indicates the downward stared on January 7 seems to be halted near the lower trend line of the channel. After testing the lows near $27.34 on Friday, the price once again bounces back toward the 20 DMA at $37.70.
The horizontal resistance zone near $37.20 is a strong level which been tested many times. The recent sell-off from the mentioned level is a knee-jerk reaction to the US Fed’s announcement on Wednesday.
However, the fall is still continued but is limited to near $33.00. Now, if the price is able to sustain the level on a daily closing basis then the immediate resistance is placed at the 20 DMA.
Talking to the supportive arguments, the daily relative strength index (RSI) reads at 45. Any uptick in the indicator would support the bulls intended action. The MACD (Moving Average Convergence Divergence) drags below the midline indicating some problem for the upside momentum.
On the other hand, if the price tested the $28.00 horizontal resistance support level then it would invalidate the bullish theses. Cosmons (Atom) price could retrace back to $24.0.
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