Cosmos (ATOM) has maintained such bullish sentiment at the top of the charts in the crypto space; Despite the volatility in the entire market, Cosmos (ATOM) will recover with decent volume and bullishness. The price is facing resistance and showing weakness on the weekly chart as there is a lot of doubt whether the price can retest the $20 price. (data from Binance)
Token Price Analysis on Cosmos (ATOM) Weekly Chart
The price of ATOM fell from $45 to around $6, a decline of more than 70% from its all-time high, despite good infrastructure. ATOM price rebounded after touching a weekly low of $6, and the price showed some major strength and climbed to $17.
On the weekly chart, ATOM price showed a major consolidation towards $17 with strong volume, but the price faced a major resistance at $17 on the weekly chart. ATOM failed to convert this weekly resistance into support as the price continues to decline but its bullish trend is above support.
ATOM price needs to convert weekly resistance into support for higher price action and close above $17; If ATOM price does not return to this zone, we can see that ATOM price is retesting the $12 support.
ATOM price may retest the weekly support at $12, which is a healthy retracement level. As of now, support in that area is preventing ATOM price from selling, and it would be a good area for more buy orders, with a potential bounce back as the price aims to maintain its bullish sentiment. If ATOM price fails to support the $12 support, we can see that the price could move towards the $8 low.
Weekly resistance for ATOM price – $17.
Weekly support for ATOM price – $12.
ATOM Price Analysis on Daily (1D) Chart
The daily time frame for ATOM price continues the bullish structure it has created as the price holds the trendline support well despite seeing higher selling volume.
ATOM price needs to stay above this trendline support for the price to bounce and move higher, but if ATOM price fails to hold, we can see ATOM price move to a daily low of $12.5. has been
On the daily time frame, ATOM price is currently trading at $13.56, which is above the 50 exponential moving average (EMA) acting as support for ATOM price. $12.5 price coincides with the 50 EMA support, which is acting as a good zone for ATOM price to seek higher demand; If the support fails at the 50 EMA, we can see that the price could move towards $9.
ATOM’s Relative Strength Index (RSI) is above 50 on the daily chart, indicating low buy order volume.
Daily resistance for ATOM price – $15.
Daily support for ATOM price – $12.5-$9.
Featured Image From zipmex, Charts From Tradingview