The price action displayed by Cosmos (ATOM) has been tremendous as the price resisted the bears rallying from a region of $12.7 to a high of $14, reclaiming a vital support area it has built in the past few weeks. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs recently, rallying from a low of $0.055 to a high of $0.15, with many others as Cosmos (ATOM) continues to lead the charge for more price recoveries. (Data from Binance)
Cosmos (ATOM) Price Analysis On The Weekly Chart
Cosmos (ATOM) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of ATOM has enjoyed a measure of relief after showing so much strength on the weekly low, rallying from a low of $12.7 to a high of $14 and recapturing this region as it forms key support for more potential to rise higher.
The past weeks have been nothing short of a boring and difficult moment for the crypto market as this affected the price of most altcoins negatively, forcing them to lose their support zone, with others battling it to stay afloat of their price.
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Weekly resistance for the price of ATOM – $17.
Weekly support for the price of ATOM – $13.5.
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Daily ATOM Price Chart | Source: ATOMUSDT On Tradingview.comIn the daily timeframe, the price of ATOM continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $14 and forming good support around $13.5 below its current value of $14.1. Still, the price of ATOM faces a little rejection; the price of ATOM needs to break and hold above $14.5 for the price to become more bullish once more.
The price of ATOM faces a resistance to break and hold above 200 EMA, which corresponds to $14.5. A break and close above this region could send the price of ATOM to a region of $17 and possibly a retest of $20 region acting as a supply zone.
Daily resistance for the ATOM price – $14.5.
Daily support for the ATOM price – $13.5.
Featured Image From Blockchain News, Charts From Tradingview
