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Cosmos (ATOM) rallies with over 10% gain as the indicator shows it is not in a safe zone

  • The price of ATOM is showing strength as the price bounces off a weekly low of $8.5, bringing some relief to the bulls.
  • ATOM’s price continues to look bearish as sentiment for the market remains intact and things look uncertain for most traders and investors.
  • ATOM price is rallying high during the intraday period while price is moving towards the 50 Exponential Moving Averages (EMA) price and is less likely to break out higher.

The recent price action displayed by Cosmos (ATOM) was unmotivating after prices fell from a region of $27 to a weekly low of $8.5. Since many after a large dump of the Bitcoin (BTC)-Price watch, bitcoin (BTC) price rallied from $15,500 as the price surged to a high of $16,500, leaving the bears on the sidelines while Comos (ATOM) price posted some relief jumps around to hold strong above key support. The price action shown by Cosmos (ATOM) and many altcoins has been problematic lately as many altcoins struggle to survive. The domino effect of the FTX saga and other major investors involved has brought the market to a standstill as the market is yet to make a major move after the past few weeks. (Binance data)

Cosmos (ATOM) price analysis on the weekly chart

Most crypto traders and investors have had a rough few days, and many have worried about where the market will go after so much turmoil in the crypto space. Many altcoins struggled to show strength and lost key support to survive.

The current market uncertainty has caused traders and investors to hesitate in buying altcoins as there is no guarantee they will appreciate in value any time soon.

ATOM’s price on the weekly chart has been struggling despite market uncertainty that has impacted major crypto projects emerging in this bear market have evolved and there is more FUD (Fear of Uncertainty and Doubt). ATOM saw its price trading in a $17 region on the weekly chart, but the price was rejected as ATOM’s price fell to a $8.5 region and bounced off this region to start with a small one Relief from the market being traded at $9.5.

weekly Resistance for the price of ATOM – $10.

Weekly support for ATOM price – $8.5.

Price analysis of ATOM on the daily chart (1D).

Cosmos (ATOM) rallies with over 10% gain as the indicator shows it is not in a safe zone, Crypto Trading NewsDaily ATOM price chart | Source: ATOMUSDT On

ATOM price remains significantly weak on the intraday as the price trades above the $8.5 support after the price rejected from a high of $17.

ATOM price is trading below its 50 and 200 EMA at $9.8 which is acting as resistance for ATOM price. The price of $11.5 and $13.8 corresponds to the prices at these levels and acts as resistance.

If ATOM price breaks out and sustains above $11.5, we could see more rallies for ATOM price to a region of $13; A break below the $8.5 region would send the price back into the $5 region.

Daily resistance for ATOM price – $11.5.

Daily support for ATOM price – $8.5-$6.

Featured image by zipmex, charts by Tradingview

Source: Crypto News Deutsch

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