Cosmos Clings To $12 As Price Struggles, Will This Region Act As Strong Support?

Cosmos Clings To $12 As Price Struggles, Will This Region Act As Strong Support?

The price movements of Bitcoin (BTC) have hurt most altcoins, with Cosmos (ATOM) finding its price at key support as bulls defend this region with blood and sweat. The recent Consumer Price Index news had a significant impact on the crypto market, as the price of BTC fell to a low of $18,200 before rebounding to $19,300, with many altcoins struggling to keep up, but Comos (ATOM) proved resilient. (Data from Binance)

Cosmos (ATOM) Price Analysis On The Weekly Chart.

Despite experiencing some great price movement in recent weeks due to so many traders and investors becoming interested in the various projects built on the Cosmos ecosystem, this, in a way, serves as a huge catalyst for such price movement.

After the price of ATOM dropped to a weekly low of $6, the price rallied from this low to a high of $17, where the price faced resistance to breaking above this region to a height of $20.

The price of ATOM faced a rejection to a low of $11.5, where the price bounced and rallied to a high of $12, reclaiming this region as it has been a key support for ATOM prices. 

ATOM’s next weekly candle closed bearish, but the new week’s candle opened with bullish signs as the price of ATOM could be set for a rally to a region of $13, where the price will face resistance to break higher. 

Weekly resistance for the price of ATOM – $13.

Weekly support for the price of ATOM – $12.

Price Analysis Of ATOM On The Daily (1D) Chart

Daily ATOM Price Chart | Source: ATOMUSDT On Tradingview.com

In the daily timeframe, the price of ATOM continues to trade below key resistance despite breaking out from its downtrend after the price got rejected from a high of $17. 

The price of ATOM has shown strength, as the price broke out from a descending triangle as the price tries to break above 50 EMA at $12.75, acting as resistance for ATOM price. If the price of ATOM reclaims 50 EMA, we could see more price action to a region of $13-$14.

The Relative Strength Index (RSI) for ATOM price on the daily timeframe looks good after rallying from a region of oversold, which indicates good buy volume for ATOM

Daily resistance for the ATOM price – $13.

Daily support for the ATOM price – $12.2.

Featured Image From BitcoinKE, Charts From Tradingview 
Exit mobile version