ATOM Price Analysis: Cosmos price aims for the stars
•ATOM/USD is currently priced at $12.60 and has increased by 517.69% over the past day
•The trading volumes have increased by 98.47% over the past day
The technical indicators suggest a positive outlook for the near term
Short Term View: Will Cosmos price leave bears in a trail of dust?
The Cosmos price today is $12.60 USD with a 24-hour trading volume of $252,505,122 USD. Cosmos is up 5.69% in the last 24 hours. The trading volumes have increased manifolds over the past day whereas the Volume to Market Cap Ratio stands at 0.07001 for the altcoin.
Cosmos Coin is preparing itself for a move to the upside as it trades above the 20,50 SMA on the four hour chart. At the moment, buyers are able to organize deep corrections, and sellers are unable to aggressively update local lows. Cosmos price may likely see another sharp drop if the bulls fail to hold the support level placed at $12. On the other hand, if the bulls can hold the price and push it up above the upper boundary of the channel, the next key target resistance could be located at $13.
Long Term View for Cosmos Price
Cosmos has been transacting in the negative territory for a while now as the asset experienced intense selling pressure. However, a bullish ray has touched Cosmos price today in the form of a bullish crossover occuring on the daily chart. The movement of the MACD and signal lines into the positive territory would provide more incentive to the bulls to continue their new found form. The RSI is currently transacting at 49.13, showing a slight bullish bias across the daily charts as the indicator is moving upwards suggesting a rise in the buying activity.
The market sentiment for Cosmos is bullish as the buyers have just defended the key support level. However, the continuation of the bullish trend hinges on a breach of these resistance levels across the multiple time frames.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.