Cosmos clings to $12, but will the region serve as strong support?
- ATOM price shows strength with good volume set for a $13 recovery as price cuts rebound from $12.
- ATOM breaks out of the downtrend when the price returns to its bullish structure.
- ATOM price continues to trade above the 50 Exponential Moving Average (EMA) on the 4-hour timeframe.
Bitcoin (BTC) price volatility has hit most altcoins, and Cosmos (ATOM) finds its price at key support as bulls defend the region with blood and sweat. . The recent consumer price index news has had a major impact on the cryptocurrency market. BTC price dipped to a low of $18,200 before recovering to $19,300 as many altcoins struggled to catch up, but Comos (ATOM) proved resilience. (Data from Binance)
Cosmos (ATOM) price analysis on the weekly chart.
The last few weeks have seen significant price volatility as so many traders and investors have become interested in the various projects built on top of the Cosmos ecosystem, which in a way is It acts as a catalyst for large price fluctuations such as
After ATOM’s price dropped to a weekly low of $6, the price rose from this low to a high of $17.
ATOM price was rejected to the low of $11.5 but regained the region as the price rallied and climbed to the high of $12, a key support for ATOM price.
ATOM’s Next Weekly Candle Closed Bearishly, But The New Weekly Candle Started With A Bullish Sign As ATOM’s Price Could Rise Near $13.
Weekly resistance to ATOM price – $13.
ATOM Pricing – $12 weekly support.
ATOM price analysis on a daily (1D) chart
On the daily timeframe, ATOM’s price continues to trade below key resistance levels, even though the price has broken out of the downtrend after rejecting from the $17 high.
ATOM price has risen above the 50 EMA at $12.75, acting as resistance for ATOM price and breaking out of the descending triangle, showing strength. If ATOM price recovers the 50 EMA, it could see more action in the $13-$14 range.
The ATOM price Relative Strength Index (RSI) on the daily timeframe looks good after recovering from the oversold territory. This indicates a good buying volume for ATOM.
ATOM price daily resistance – $13.
ATOM price daily support – $12.2.
Featured Image From BitcoinKE, Charts From Tradingview Cosmos clings to $12, but will the region serve as strong support?
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