- The price is trapped in a sideways trend calling the bulls for a breakout.
- The crypto asset is moving above the daily moving average of 20, 50, 100 and 200.
- The ATOM/BTC pair is at 0.0003315 BTC with a loss of 1.99%.
In a nutshell, Cosmos presents itself as a project that solves some of the “toughest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, invaluable and environmentally harmful” proof-of-work protocols, such as those of BTC, by offering an ecosystem of connected blockchains.
Cosmos price has come a long way after trending lower under the bearish rally. The price is now trapped in a sideways trend in the $8.5-$12.5 price range, which means the bulls are now trying to interrupt the bearish rally, and a tug of war between them is taking place in the current situation. Price today on the daily chart appears more under downside pressure, but price is also moving above the exponential moving average. The price has fallen enough, and now the coin needs to attract more bulls to break through the current range. If the bears reserve the market, it will be very difficult for the token to recover.
The current price of an ATOM is $10.48 with a gain of only 1.16% in its market cap over the past 24 hours. The coin has a trading volume of 263 million with a gain of 17.46% in the 24-hour trading session and a market cap of 3 billion which represents a gain of 1.16%. The market capitalization ratio by volume is 0.08991.
Call for a BREAKOUT
Before it’s too late to recover, the coin needs to attract buyers and make a breakthrough so the ecosystem can recover. But since the bears are not the spectators here, they will also do their best to conquer the market.
Let’s see what the technical indicators suggest.
The MACD on the daily chart indicates further bullish movement as the MACD line made a flattering cut on the MACD signal line. As the histograms indicate, the signal looks strong and the gap between the two lines is also widening.
The relative strength index moves in a straight line, indicating neutrality in buying and selling. The RSI value is above 35.
Cosmos price has come a long way after trending lower under the bearish rally. The price is now trapped in a sideways trend of the $8.5-$12.5 price range. Now the coin needs to attract more bulls to break through the current range. Technical indicators like MACD suggest further bullish movement.
Resistance levels: $12.5 and $14
Support levels: $8.5 and $7.5
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.