Source : newsbtc.comhttps://www.newsbtc.com/wp-content/uploads/2022/10/Cosmos-1-460x264.png
- ATOM price breaks downtrend as price gears up for a short-term recovery creating more bullish sentiment.
- ATOM looks strong on the low timeframe.
- The price of ATOM breaks and holds above 8 and 20 EMA.
Cosmos (ATOM) showed so much strength as price trends for days, with many becoming interested as to why Cosmos (ATOM) trends against tether (USDT) in such market conditions. With the price of Bitcoin (BTC) showing some great momentum, we could see the price of altcoins, including ATOM, move easily as it eyes a rally to $14. (Data from Binance)
Crypto Market Outlook
The new month has been more of a relief for most crypto projects as altcoins, including the likes of ATOM, show bullish strength, with the price of BTC leading the market rallying from a low of $18,800 to $20,100. With the market looking more promising for crypto assets, we could see more recovery from cryptocurrencies as the previous month has prevented major altcoins from a rally.
Cosmos (ATOM) Price Analysis On The Weekly Chart
The price of ATOM in recent weeks showed so much strength as price rallied from a weekly low of $6 to a high of $17 with so many gains as the price topped the crypto chart for weeks showing no sign of weakness.
ATOM’s price faced rejection as it was unable to break above $17.5, acting as resistance to the price of ATOM and the area of supply.
The price tried several times to flip this resistance area into support to rally higher to a region of $20, but the price was rejected due to more sell orders in that region. ATOM’s price dropped to a low of $12, acting as a good support area for the price in case of a sell-off.
The price of ATOM continued to range in this region of $12 before having a weekly close, with the price looking more bullish for the week as it aims a recovery to $14
ATOM’s price needs to hold above $13 for the price to have a chance to trend higher to the anticipated $14. If the price of ATOM fails to hold at $13, we could see the price retesting the region of $12. But if ATOM trends to $14 and flips it into support, we could retest the region of $17, acting as a supply area for ATOM price.
Weekly resistance for the price of ATOM – $14.
Weekly support for the price of ATOM – $12.5-$12.
Price Analysis Of ATOM On The Daily (1D) Chart
The price of ATOM on the daily timeframe continues to look bullish as the price forms a descending triangle and breaks out of it with good volume.
ATOM’s price is currently trading at $13.90 as the price broke out of the descending triangle and trades slightly below the 8 and 20-day Exponential Moving average (EMA), acting as resistance zones for the price of ATOM. The price at $12.9 and $13.4 corresponds to the 8 and 20-day EMA for ATOM.
Daily resistance for the ATOM price – $13.4-$14.
Daily support for the ATOM price – $12.5.
Featured Image From zipmex, Charts From Tradingview and Coin360