ATOM Might Trade Below Its Immediate Support Level Despite A Recent Rally
18 Mayo 2022 - 08:00PM
NEWSBTC
ATOM had displayed optimistic price action recently after the coin
rallied close to 14% a little over 48 hours ago. The coin had
managed to undo the loss of 21% that it incurred in the past week
with its recent rally. Bearish sentiments are still present across
the whole industry and altcoins have also walked along the same
price sentiment. Ever since ATOM revisited its all time high in the
month of January this year, the coin has struggled to release
itself from the grasp of the bears. At the time of writing, Cosmos
(ATOM) was the 28th biggest crypto by market capitalisation as seen
on CoinGecko. Bitcoin again slid below the $30,000 mark while
Ethereum struggled to trade above the $2000 price level. The global
cryptocurrency market cap today was at $1.32 Trillion after a fall
of 4.6% in the last 24 hours. ATOM Price Analysis: One Day Chart
Cosmos (ATOM) was trading for $10.57 at the time of writing.
Gradual push from the bears have caused the digital asset to trade
below its resistance lines. At press time, the coin was trading
close to its immediate support level because the market received a
fall in buying strength. Over the last 24 hours, the altcoin
registered a sharp fall by 9% forcing the coin trade near the local
support. Immediate resistance for ATOM stood at $13.73 and to trade
above the same ATOM would need support of the buyers. Volume of the
coin traded depicted bearishness which indicates selling momentum
rising in the market. Technical Analysis Cosmos (ATOM) invalidated
its 8-month long resistance line and that caused sellers to lose
confidence on the asset. The coin was trading below the 20-SMA line
which meant that sellers were in control of the price momentum. If
the coin continues to remain below the 20-SMA line then a bullish
revival remains tough for the altcoin. If buyers find a way back
into the market then the coin can attempt to trade near the $13
price mark. A rejection from the aforementioned price level will
push the coin beneath the $9.42 support level. The coin traded near
the $9.40 level last year in the month of July. The Relative
Strength Index displayed an uptick because the indicator was seen
above the oversold region. Despite recovery, ATOM continues to
remain under heavy selling pressure. Related Reading | How Cosmos
Could Outgrow Ethereum, Making The Case Cosmos (ATOM) had staged a
brief recovery and following that indicators reflected some
bullishness. It is too early to say if the altcoin will continue
moving in the same direction. Awesome Oscillator depicts the price
momentum in the market. The indicator displayed green histograms
underneath the zero-line, this reading signifies a sell signal. If
sellers act on the sell signal, price could dip further causing the
bears to strengthen. Chaikin Money Flow was under the half-line,
although the indicator noted an increase in capital inflows over
outflows. Despite increase in capital inflows, ATOM’s capital
outflows precede its inflows. Related Reading | TA: Bitcoin Eyes
Fresh Increase But This Level Is The Key
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