- ATOM price is showing strength as it bounced off the price from the downtrend range to a high of $14, with eyes set at $17.
- ATOM may rally higher as price breaks out of a downtrend descending triangle creating more bullish bias, with an eye on rallying higher.
- ATOM price remains strong on the daily time frame above the 50 exponential moving average (EMA) as the price targets more rallies.
The price action displayed by Cosmos (ATOM) has been tremendous as the price resisted bearish from the $12.7 area to $14 high to reclaim an important support area it had created over the past few weeks. The crypto market is increasingly welcoming as many altcoins continue to produce gains of over 50%. The likes of DOGE have seen some spectacular runs recently, rising from lows of $0.055 to highs of $0.15, while several other Cosmos (ATOM) continue to lead the charge for a higher price recovery. (data from Binance)
Price Analysis on the Weekly Chart of Cosmos (ATOM)
Cosmos (ATOM) has struggled to regain its bullish momentum in recent days; Despite the uncertainty in the crypto space, ATOM price has enjoyed respite after showing so much strength at weekly lows, rebounding from lows of $12.7 to highs of $14 and reclaiming this area as it turns key support. makes. For greater growth potential.
The past weeks have been nothing short of a boring and difficult moment for the crypto market as it has negatively affected the price of most altcoins, forcing them to lose their support zones, with others holding onto their price. Struggled to survive.
After a weekly close above $13.5, ATOM price looked strong as ATOM price prepared for more price moves; The price faced a minor rejection to break the $17 area.
Weekly resistance for ATOM price – $17.
Weekly support for ATOM price – $13.5.
ATOM Price Analysis on Daily (1D) Chart
On the daily time frame, ATOM price continued to look strong as the price broke out of its descending triangle, with good volume rising to highs of $14 and forming a nice support near its current price of $14.1 near $13.5. Nevertheless, the price of ATOM faces a slight rejection; ATOM price needs to break above $14.5 for the price to rally once again.
ATOM price faced resistance to break above the 200 EMA, which corresponds to $14.5. A break and close above this area could send ATOM price towards the $17 area and possibly a retest of the $20 area, which is acting as a supply zone.
Daily resistance for ATOM price – $14.5.
Daily support for ATOM price – $13.5.
Featured Image From Blockchain News, Charts From Tradingview