- Cosmos coin price is trading below the decline trendline after hitting the all-time high level .
- The MACD and RSI indicator is noticing in the bearish territory on the other hand volume oscillator moving higher over the 4-hours price chart.
- ATOM/BTC pair price is trading negative by 5.47% at 0.0007433 BTC.
After retesting an all-time high mark, ATOM coin tried to breach that level to the upside, but investors failed in this action; as a result, short-sellers again came into existence and dumped the coin. At the time of writing, ATOM Coin is trading in the bearish territory at $28.32, which is 4.5% down. Buyers have lost almost 37% of the cost from the month’s highest peak ($44.52).
Over the past 24-hours, trading volume declined by 25.9% at $811.4 million. In the 4-hours price chart, ATOM notices the sell-on-rise formation and trading below the declining trendline. The coin is near the crucial demand zone, and the bulls are trying to hold the price above it. Furthermore, Bollinger bands could indicate a positive sign if bulls dominate the market.
Cosmos, will it Break Support or Bounce Back?
ATOM/BTC pair price is in the downwards after turn flip side from the supply zone (0.001033 satoshis). At the time of writing, the pair is trading at 0.0007433 satoshis which is 5.47% down. However, the pair is below the 20-day moving average and breaking down the 50 MA support. If bulls fail to sustain pair price above the 50 MA line, then 200-MA will be the following support level. The average directional index is at 32, indicating a weak bullish momentum.
ATOM coin is retesting the 200-MA, a critical support line for bulls, as well as falling below the 20 and 50 MAs. If the coin’s price falls below the 200-day moving average, it may approach the crucial $20-support level.
Conclusion
If bulls increase the ATOM price above the demand zone (green zone), the coin price may recoup its losses; on the other hand, it may retest the 2-months lowest support level of $20.
Support level – $20 and $10
Resistance level – $37 and 45
Disclaimer
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.
