- The price of Cosmos (ATOM) has reversed its previous trend after hitting a low of $5.5 on June 19.
- During a bullish trend, ATM price is retesting the 20 Day Exponential Moving Average on the daily price chart.
- Cosmos Coin is in the green zone with the bitcoin pair up 11.2% at 0.0003679 satoshis.
Now the price of Cosmos (ATOM) has reached a downward sloping trend line, which stood as a bear defense zone for over 45 days. During a bullish trend, ATOM investors have achieved returns of around 35% over the past 5 days.
Since the entire crypto market was in a downtrend, ATOM coin also follows the market trend. But after a bearish 10-week weekend, buyers are seeing a bullish weekend. Thus, at the time of writing, the ATOM coin is trading at the $7.54 mark at the time of writing.
Meanwhile, according to CMC data, the market cap of ATOM coin is managed well above $2.1 billion, up 13.4% in the green zone over the past 24 hours.
During the downtrend, Cosmos (ATOM) investors lost over 87 percent, but now the bulls are attempting to ease the selling pressure. As a result, the bulls have recovered 12.5% so far this week. Furthermore, Cosmos Coin is in the green zone, with the bitcoin pair up 11.2% at 0.0003679 satoshis.
Amidst the bullish momentum, trading volume gradually increases. Similarly, traders saw 142% trading volume compared to the previous night. But the bulls still need to collect more volumes to break the bearish trend line.
But Stoch RSI is in overbought zone
Since the beginning of April, the 20-day exponential moving average has acted as a significant bullish barrier. Meanwhile, ATOM price is at a clean 20 EMA at the time. If the bulls break this bullish barrier, the bulls could target the 50 EMA further.
The Stoch RSI reversed sharply from the oversold zone and is now below the overbought zone on the daily graph.
Conclusion
Cosmos (ATOM) price is nearing a bullish barrier. Now it remains to be seen whether the bulls are able to break the resistance level as well as the 20 EMA.
Support level – $6.0 and $5.0
Resistance level – $8.5 and $10
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
