- Cosmos Price seems to be consolidating into the narrow range.
- ATOM price trading below the 50 and 200 day EMA.
- The pair of ATOM/BTC is trading at 0.0003955.
Cosmos Price corrected 15% approx from the recent swing high at $13.500 and returned back to the lower range. It defends the $10.00 support and shows signs of base formation.
ATOM price seems to be consolidating in the narrow range between $10.00 to $13.00 and likely to break either side soon. The price is trading below the 50 and 200 day EMA showcase positional trend is in downward direction. However, the EMAs is sloping sideways indicates prices lacked direction and might consolidate for some more time.
Cosmos Price trading at $11.070 with an intraday rise of 0.87%. The 24 hour volume to market cap ratio is 0.0325. The pair of ATOM/BTC is trading at 0.0003948 with an intraday rise of 2.28%. The chart structure of ATOM with BTC pair is quite similar to USDT pair and consolidating near yearly lows.
At the beginning of February, Cosmos Price faced resistance at $15.00 and began to decline by forming lower low swings. It dropped below both the EMA which invited further decline. At the mid of march, The downfall halted near $10.00 and formed a bullish hammer candle. Later, prices showed a minor bounce and tried to recover the previous losses.
Will Cosmos Price expand the range upward?
Cosmos Price tried multiple times to break the $13.00 hurdle but getting rejected indicates sellers are active on higher levels. However, the price is near to the demand zone and downside seems to be limited. Till ATOM price holds the $10.00 support the probability of upward range expansion is high.
However, the price will gain momentum when buyers succeed to break the $13.00 hurdle. Moreover if the price breaks $13.00 then it may begin to rally to reach $15.00. On the other hand if the price dropped below $10.00 then it might raise concern for the long term investors.
The technical analysis suggests Cosmos price is stuck in a narrow range and consolidating for the base formation.
ATOM price struggles to defend the lower range
ATOM Price forming a bullish hammer candle on a weekly timeframe. It shows responsive buyers are trying to defend the lower range support. The technical indicators like MACD had generated a negative crossover but the curve is sloping sideways. It indicates bears lacking the downside momentum. The RSI at 46 is near to the neutral territory and indicates an equal level of tug of war between buyers and sellers.
Conclusion
Cosmos Price corrected 15% approx from the recent swing high and consolidating near to lower range support. However, till ATOM price sustains $10.00 support the possibility of the upward range expansion is high. The technical analysis suggests, Cosmos price is consolidating for the base formation and downside seems to be limited.
Technical levels
Resistance levels : $13.480 and $15.433
Support levels : $10.00 and $8.482
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.