- Cosmos price trades inside an ascending parallel channel on the daily price scale.
- ATOM investors are barely trying to keep the price above the $10 conceptual round level.
- The ATOM coin with the bitcoin pair is trading down 7% at 0.0004487 Satoshis.
Altcoin purchases are a serious obsession for Cosmos (ATOM) buyers. The ATOM price also increased after falling to a low of $5.55 in 2022. Although the bulls put up a valiant battle, they ultimately succeeded in reversing the trend. As a result, during the past 20 days, the price of ATOM has increased by over 75%.
On the daily price chart, the price movement of the ATOM token points to an ascending parallel channel. At that time, the ATOM coin trades close to the bullish pattern’s support line versus the USDT.
At the time of writing, the ATOM coin is trading above the conceptual round level of $10, while the coin is trading at the $10.21 mark at the time of writing. Moreover, ATOM coin with bitcoin pair is trading down 7% at 0.0004487 Satoshis.
Amid a high-low formation, the market cap of ATOM coin fell 7%, dropping below $3.0 billion according to data from CMC over the past 24 hours. Despite the retracement, trading volume suggests a highly volatile market, however, buyers were unable to break the $12-immediate resistance.
MACD Indicator Also Increasing into Positive Region
The RSI indicator looks bullish as it stays above the half-line. However, the RSI indicator is yet to move into the highly overbought zone. Moreover, the MACD has moved into positive territory in terms of the daily price scale.
Conclusion
However, traditional technical indicators such as RSI, MACD and trading volume are indicating bullish momentum for the Cosmos (ATOM) token. Moreover, the ATOM coin still broke the next resistance level of $12.
Support level- $10 and $5.0
Resistance level- $12 and $20
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.
