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Saturday, February 4, 2023
HomeNewsCosmos Clings To $12 As Price Struggles, Will This Area Act As...

Cosmos Clings To $12 As Price Struggles, Will This Area Act As Sturdy Help?


  • ATOM’s value reveals power as value breaks bounced off from $12 with good quantity with eyes set to reclaim $13. 
  • ATOM breaks out of a downtrend as the worth resumes a bullish construction. 
  • The value of ATOM continues to commerce above 50 Exponential Moving Average (EMA) within the four-hourly timeframe. 

The value actions of Bitcoin (BTC) have harm most altcoins, with Cosmos (ATOM) discovering its value at key help as bulls defend this area with blood and sweat. The latest Consumer Price Index information had a big affect on the crypto market, as the worth of BTC fell to a low of $18,200 earlier than rebounding to $19,300, with many altcoins struggling to maintain up, however Comos (ATOM) proved resilient. (Data from Binance)

Cosmos (ATOM) Price Analysis On The Weekly Chart.

Despite experiencing some nice value motion in latest weeks as a consequence of so many merchants and buyers changing into within the numerous initiatives constructed on the Cosmos ecosystem, this, in a means, serves as an enormous catalyst for such value motion.

After the worth of ATOM dropped to a weekly low of $6, the worth rallied from this low to a excessive of $17, the place the worth confronted resistance to breaking above this area to a top of $20.

The value of ATOM confronted a rejection to a low of $11.5, the place the worth bounced and rallied to a excessive of $12, reclaiming this area because it has been a key help for ATOM costs. 

ATOM’s subsequent weekly candle closed bearish, however the brand new week’s candle opened with bullish indicators as the worth of ATOM could possibly be set for a rally to a area of $13, the place the worth will face resistance to interrupt increased. 

Weekly resistance for the worth of ATOM – $13.

Weekly help for the worth of ATOM – $12.

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

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

In the day by day timeframe, the worth of ATOM continues to commerce under key resistance regardless of breaking out from its downtrend after the worth obtained rejected from a excessive of $17. 

The value of ATOM has proven power, as the worth broke out from a descending triangle as the worth tries to interrupt above 50 EMA at $12.75, appearing as resistance for ATOM value. If the worth of ATOM reclaims 50 EMA, we may see extra value motion to a area of $13-$14.

The Relative Strength Index (RSI) for ATOM value on the day by day timeframe appears to be like good after rallying from a area of oversold, which signifies good purchase quantity for ATOM

Daily resistance for the ATOM value – $13.

Daily help for the ATOM value – $12.2.

Featured Image From BitcoinKE, Charts From Tradingview


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