(CTN News) – It is possible to see a trendline on the lower time-frame of Cosmos’s (ATOM) price.
There seems to be a problem with buyers above the 20 day exponential moving average at the moment.
As the daily price chart shows, the RSI turned sideways just below the halfway point at the beginning of the month.
The pricing of Cosmos has shifted sideways after rising monthly for the past few months. This week was a favorable one for investors because the crypto market as a whole plummeted drastically, but ATOM stayed steady.
In the lower timeframe, the altcoin price has formed a V-shaped rebound, which is slightly higher than the low that was reached in November.
In a recovery period, Cosmos pricing draws a high-low structure on an hourly basis during the recovery period. The market is recovering after two weeks of strong selling, which has left buyers with their hands full as the market recovers.
It is evident that buyers are feeling more secure as they paint the second green candle this week. In the event that the price holds its most recent support level, this could be seen as an indication of a trend reversal.
By the afternoon, buyers will shift swing lows back into higher territory, while Cosmos remains at $10.11 against the USDT at the time of publication.
Currently, the ATOM price has increased by 0.95% today. It should be noted that buyers were successful in reclaiming the $10 level. In addition, the ATOM coin, along with the Bitcoin pair, decreased by 1% at 0.0005948 satoshis following the fall in the ATOM coin.
It is pertinent to note that on a long-term basis, the outlook for ATOM crypto remains bearish below the descending trendline.
There is a possibility that buyers may again see a price drop at this selling zone due to the low trading volume. There was a 27% decrease in volume last night at $71.49 million as well.
As a result, buyers are facing difficulty at the 20-day exponential moving average, and on the daily price chart, the 50-day exponential moving average will be the next resistance point.
Traditional technical indicators favor a price recovery in Cosmos’ price in the near future.
As the RSI moved sideways just below the half-way mark on the daily price chart of crypto, it still showed a positive trend in the cryptocurrency market. Aside from that, the MACD is also gradually increasing higher towards a neutral zone as well.
At the moment, the price of Cosmos (ATOM) appears to be moving sideways just below the exponential moving average of 20 days.
Due to the low volume of trading at the time, the volatility of the market was very low at the moment.
Currently, bulls must maintain price sustainability above the key round level of $10 and breakout of 20 EMA to maintain momentum.
Levels of support – $10 and $8.7
There are two levels of resistance – $15 and $20
Notice of disclaimer
There is no financial, investment, or other advice or recommendation implied by the views and opinions expressed by the author of this article, or any other person named in this article, and they are for informational purposes only.
It is important to understand that investing in and trading crypto assets carries a risk of financial loss.