Cosmos Looks Promising As Price Rally, Can Price Breach $14?
October 04 2022 - 6:00AM
NEWSBTC
ATOM price breaks downtrend as price gears up for a short-term
recovery creating more bullish sentiment. ATOM looks strong on the
low timeframe. The price of ATOM breaks and holds above 8 and
20 EMA. Cosmos (ATOM) showed so much strength as price trends for
days, with many becoming interested as to why Cosmos (ATOM) trends
against tether (USDT) in such market conditions. With the price of
Bitcoin (BTC) showing some great momentum, we could see the price
of altcoins, including ATOM, move easily as it eyes a rally to $14.
(Data from Binance) Related Reading: Elrond Coin Price Seen
Climbing Nearly 20% In Next Few Weeks – Here’s Why Crypto Market
Outlook The new month has been more of a relief for most
crypto projects as altcoins, including the likes of ATOM, show
bullish strength, with the price of BTC leading the market rallying
from a low of $18,800 to $20,100. With the market looking more
promising for crypto assets, we could see more recovery from
cryptocurrencies as the previous month has prevented major altcoins
from a rally. Cosmos (ATOM) Price Analysis On The Weekly Chart The
price of ATOM in recent weeks showed so much strength as price
rallied from a weekly low of $6 to a high of $17 with so many gains
as the price topped the crypto chart for weeks showing no sign of
weakness. ATOM’s price faced rejection as it was unable to
break above $17.5, acting as resistance to the price of ATOM and
the area of supply. The price tried several times to flip this
resistance area into support to rally higher to a region of $20,
but the price was rejected due to more sell orders in that region.
ATOM’s price dropped to a low of $12, acting as a good support area
for the price in case of a sell-off. The price of ATOM continued to
range in this region of $12 before having a weekly close, with the
price looking more bullish for the week as it aims a recovery to
$14 ATOM’s price needs to hold above $13 for the price to have a
chance to trend higher to the anticipated $14. If the price of ATOM
fails to hold at $13, we could see the price retesting the region
of $12. But if ATOM trends to $14 and flips it into support, we
could retest the region of $17, acting as a supply area for ATOM
price. Weekly resistance for the price of ATOM – $14. Weekly
support for the price of ATOM – $12.5-$12. Price Analysis Of ATOM
On The Daily (1D) Chart The price of ATOM on the daily timeframe
continues to look bullish as the price forms a descending triangle
and breaks out of it with good volume. ATOM’s price is currently
trading at $13.90 as the price broke out of the descending triangle
and trades slightly below the 8 and 20-day Exponential Moving
average (EMA), acting as resistance zones for the price of ATOM.
The price at $12.9 and $13.4 corresponds to the 8 and 20-day EMA
for ATOM. Daily resistance for the ATOM price – $13.4-$14.
Daily support for the ATOM price – $12.5. Related Reading:
Exponential Moving Average (EMA): How To Ride Massive Trends
Featured Image From zipmex, Charts From Tradingview and
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