1 The price of ATOM is currently trading near $9.17 with a rise of 24.37% in the 24-hour trading volume (press time). 2 ATOM price is down by 5% within the last 7 days. Cosmos price prediction exhibits that the ATOM price can see a surge in selling pressure. The price is presentl...
- 1 The price of ATOM is currently trading near $9.17 with a rise of 24.37% in the 24-hour trading volume (press time).
- 2 ATOM price is down by 5% within the last 7 days.
Cosmos price prediction exhibits that the ATOM price can see a surge in selling pressure. The price is presently moving in the supply zone, It recently made a bullish rally of 28% and the price is yet to break its market structure. The present Cosmos price action may prove to be beneficial for the bears if the price takes a successful rejection from the resistance zone.
Presently, another rally seems to be in the making though the buyers may find it hard to make a breakout above the crucial resistance levels. A few major cryptocurrencies in the market are taking a bearish turn after consolidating in the supply zone for the past few months. The change in Investor’s sentiments regarding the overall market can create a negative impact on the price.
As per the present price action, the prediction can unfold in two ways. Either the price can attempt to make a rally as it has been making higher high and low patterns, eventually taking resistance from $10.00 to its immediate resistance level creating a new low. Or, the price can give a direct breakdown of the current trendline which will cause a change in trend.
In the previous analysis, it was suggested that the price can see a 12% correction in the recent future as there was a confluence of four indicators in the bearish direction. After facing rejection from $10.00, the price did see a correction of 11.55%, nearly attaining its target. However, the price did not break the market structure.
Cosmos Price Prediction: Technical Analysis on 1-Day Chart
The price is presently moving below -50, -100, and -200 EMAs on the daily timeframe where the 100 EMA is acting as its immediate and major resistance.
The relative strength index (RSI) line is taking a retest from the 14 SMA. The current RSI value of the ATOM token is 49.59 points. The RSI line is presently facing resistance from the 14 SMA levels at around 50.01 points.
The stochastic RSI line is moving near the demand zone. The present value of the stochastic RSI is 26.86 points. The %K line is giving a crossover to the %D line.
Conclusion
According to the analysis, investors may take a bearish stance regarding Cosmos token. There is a rise in the red volume stickers which indicates a rise in selling pressure though a slight bullish rally may occur before reversal. The bears presently hold an edge over the bulls as most of the indicators are in their favor.
Technical Levels:
Support -$08.00
Resistance – $10.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.