- The BTC pair with Cosmos (ATOM) coin is outperforming inside an upward parallel channel after seeing a bullish hammer candle on June 13.
- Trading volume wise speculators witnessed above average buying pressure yesterday evening.
- The ATOM/BTC pair is looking above the 20, 50 and 100-day moving averages on the daily time frame.
Cosmos (ATOM) coin finally reversed its bearish trend sharply after marking a 52-week low of $5.59 on June 18. June 18 was a tough trading session for ATOM speculators. But finally buyers took a deep breath as the daily price action formed a hammer candle on the same day.
The bulls also looked so aggressive in mid-June after breaking the downsloping trendline (in the chart below). From there, the price action of ATOM coin attracts higher-highs and higher-lows formation. Meanwhile, at the time of writing, ATOM was trading at the $9.05 mark.
ATOM analysis along with USDT pair
Stoch RSI is again looking in overbought territory on the daily price scale. Meanwhile, the conceptual round level of $10 is not far away, so buyers may see a minor retracement here.
ATOM Bulls struggle near 100 DMA along with Bitcoin pair
The ATOM coin is up 0.5% with the bitcoin pairing slightly up at 0.0004479 Satoshis. Nevertheless, the ATOM/BTC pair is looking above the 20, 50 and 100-day moving averages on the daily time frame.
The price of Cosmos (ATOM) and the bitcoin pair have been hovering near the resistance line of a parallel channel for the past several days. Meanwhile, according to CMC data, the market cap of ATOM coin gained 3% last night to reach above $2.5 billion.
During the bullish phase, buyers failed to maintain the altcoin closing price in the higher zone, indicating that the bears are still active and that the bulls may struggle further to push past this bullish barrier.
conclusion
Price of Cosmos (ATOM) seems to be more bullish with the Bitcoin pair than the ATOM/USDT pair. Although the overall price action is now showing a bullish rally, the conceptual level of $10 is not far away, so buyers may see a minor retracement here.
Support level – $6.0 and $5.0
Resistance level – $10 and $15
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