Cosmos Price Jumps Despite Bearish Sentiment! ATOM Price To Hit New High Soon?
The post Cosmos Price Jumps Despite Bearish Sentiment! ATOM Price To Hit New High Soon? appeared first on Coinpedia Fintech News
The crypto market has been trading under a bearish influence for the third day, indicating a rising bear power in the market. Further, the star crypto has lost over 6% in value during this time.
On the other hand, Cosmos price has added over 6% within the past 24 hours, making it one of the top gainers of the day.
The ATOM price constantly traded in a closed range between $7.392 and $8.202 for a while, following which the bulls gained momentum and the price jumped. But, the rally was short-lived as the price faced rejection at $8.867.
TradingView: ATOM/USDT
After trading sideways for a while the price broke out of the resistance level but faced restriction at its upper level of $9.591. The coin displayed significant price volatility for over a week, after which, it lost momentum and experienced a dip in value.
The Cosmos price then traded in a consolidated range between $8.867 and $9.591 for over two weeks. As the market gained momentum in December, the price broke out of the range and jumped approximately 15%.
Following this, the price faced rejection and recorded a correction of 13% in value, but the bulls held the price strong above the support level of $9.591, resulting in a bounce back.
Recently, the price recorded a jump of 25% in value, resulting in it recording a new yearly high. The price then faced rejection at $12, since then the coin has been trading under a bearish influence.
Will The ATOM Price Go Back Up?
The Moving Average Convergence Divergence (MACD) displays a decline in the histogram, indicating a reducing buying pressure in the market. Further, the averages show a bearish turn, suggesting a high possibility of a trend reversal soon.
If the bulls hold the price above the support level of $11.004, the ATOM price will regain momentum and prepare to test its resistance level of $12. Maintaining the price at that level will set the stage for Cosmos to attempt to test its upper resistance level of $12.954 in the coming days.
Conversely, if the bears hold power and pull the price below its support level, it will prepare to test its lower support level of $10.169. Moreover, if the bears continue to dominate the market, it will plunge further and test its crucial support level of $9.591.
Filed under: Bitcoin - @ December 13, 2023 7:17 am