ATOM price is showing strength as the price bounces off a weekly low of $8.5, providing some relief for the bulls.
The ATOM price continues to look bearish as more confidence persists in the market, and things look uncertain for most traders and investors.
ATOM price rises high on the daily time frame as the price moves towards the 50 price EMA, and it looks less likely to break higher.
The price action recently displayed by Cosmos (ATOM) has not been encouraging after prices fell from a region of $27 to a weekly low of $8.5. With many looking for a major Bitcoin (BTC) price dump, Bitcoin (BTC) price bounced from $15,500 as the price rallied to a high of $16,500, leaving bears on the sidelines as Comos price (ATOM) gets some relief rebounds. to hold strong above key support. The price action displayed by Cosmos (ATOM) and many altcoins recently has been problematic as many altcoins struggle to survive. The ripple effect of the FTX saga and other big investors involved has left the market paralyzed, as the market has yet to make a major move after the previous weeks. (Data from Binance)
Cosmos (ATOM) price analysis on the weekly chart
Most cryptocurrency traders and investors have had a rough few days, and many are concerned about where the market will go after so much turmoil in the cryptocurrency space. Many altcoins have struggled to show strength, losing key support in an attempt to survive.
The current market uncertainty has caused traders and investors to be hesitant to buy altcoins as there is no guarantee that they will increase in value anytime soon.
ATOM price on the weekly chart has struggled despite market uncertainty affecting major crypto projects that have continued to thrive in this bear market, with more FUD (fear of uncertainty and doubt) lingering. ATOM saw its price trade at a region of $17 on the weekly chart, but the price was rejected as ATOM price declined to a region of $8.5, bouncing off this region to trade at $9.5 with a bit of relief from market.
Weekly Resistance for ATOM Price – $10.
Weekly support for the price of ATOM – $8.5.
ATOM Price Analysis on the Daily Chart (1D)
ATOM Daily Price Chart | Source: ATOMUSDT on Tradingview.com
ATOM price remains considerably weak on the daily time frame, as the price trades above the $8.5 support after the price was rejected from a high of $17.
ATOM price is trading at $9.8 below its 50 and 200 day EMA, acting as resistance for ATOM price. The price of $11.5 and $13.8 correspond to the prices at these levels, acting as resistance.
If ATOM price breaks and sustains above $11.5, we could see more rallies for ATOM price to a $13 region; a break below the $8.5 region would send the price back to the $5 region.
Daily resistance for the ATOM price – $11.5.
Daily support for ATOM price: $8.5-$6.
Featured image from zipmex, Tradingview charts
This post Cosmos (ATOM) Rallies Over 10% Gain as Indicator Shows Not in Safe Zone
was published first on https://newsbtc.com/analysis/cosmos-atom-rallies-with-over-10-gain-as-indicator-shows-not-in-safe-zone/