- After testing the critical resistance area of $25.00, Cosmos price suffered a heavy downtrend, which almost lasted for a week
- The ATOM/BTC pair also suffered a significant loss of -9.20% over the month
Cosmos (ATOM) Price Analysis
Over the monthly chart, Cosmos price suffered significant bearish momentum after testing the critical resistance level of $25.00. The negative trend lasted till the major support level of $17.00 came into play. The support level did provide positive bounceback, and the crypto asset was able to perform positively during the current market session. The CMP is placed at $19.77, with an overall gain of 7.01% over the day. The market capitalization has reached $4,190,621,329 with the 24-hour volume traded of $519,410,102. The ATOM/BTC pair also performs positively with an overall gain of 3.67%, bringing the current level to 0.0003498 BTC. On the charts, the price levels might have given a positive crossover and hinting at a strong bullish upside in the upcoming trading sessions with the support level of $17.00 for any sort of trend reversal.
Cosmos (ATOM) Technical Analysis
The technical chart reflects on the magnitude of the downfall faced by Cosmos price after testing the critical resistance zone between $24.00-$25.00. The price levels showed some sort of stability above 0.236fib level at that time but the bears forced for a negative breakout, after which nearly 70.00% negative retracement was faced by the crypto asset. Cosmos price did have a positive bounceback with the help of a support line placed at 1.00fib level and currently looking for a robust bullish confirmation above 0.618fib level. A positive breakout above 0.618fib level might put the bulls onto the front seat.
RSI (Bullish): The levels are showcasing significant positive nature on the chart with the level of 61.80 while looking for a positive breakout to the overbought region.
Stoch RSI (Bullish): The levels indicates a strong formation of positive momentum for the coin and currently facing no fears of a trend reversal.
MACD (Bullish): The levels have provided a bullish crossover indicating more positive momentum to come for the digital asset in the upcoming trading sessions.