- ATOM price (ATOM) surged 0.43% in the last 24 hours and is currently trading at $8.56.
- Cosmos (ATOM) derivatives state that a total of $75.2 K open interest contracts have been created over the past 24 hours.
Cosmos (ATOM) aims to make its infrastructure easy to use by using the Cosmos SDK, which allows building networks with existing code modules. This way, complex applications can be created with less hassle+. Cosmos is also known as “Blockchain 3.0” because of its advanced features.
The ATOM price is currently trading at $8.56 with a rise of 0.43% in the past 24 hours. Cosmos holds a total market cap of $2.96 Billion and ranks 26th in the crypto market.
The ATOM token has a trading volume of $78.82 Million with a decline of 1.40% over the past 24 hours. It has over 346.6 Million tokens in circulating supply. The volume-to-market cap ratio of the Cosmos token is 2.66% indicating low volatility in the market.
ATOM Price Prediction Using Price Action Strategy
ATOM price analysis reveals that the token slid nearly 25% in June 2023 after the breakdown of crucial support. The price has been in a correction phase since March 2023 and corrected forming lower highs and lower lows. Also, the price has formed a parallel channel pattern.
Recently, the price tried to recover but lacked momentum and suffered rejection from the upper levels, and slid again to the previous demand zone.
The short-term outlook indicates that prices sustain above the previous breakout zone followed by another surge upwards which may lead to a breakout. However, it requires more buyers to accumulate at the lower levels in the short term.
The long-term outlook for the price trend still stands mild bearish to neutral as the price is treading below the 200 EMA which may halt the momentum if the price nears it.
Cosmos Price Forecast from Indicators’ point of view
As per the EMA analysis, the Cosmos price is trading below 200 EMA which indicates long-term weakness in the bullish trend. Also, the price could not sustain above the 50 EMA showing a lack of buyers in the market for now.
At the time of publishing, the RSI value of the Cosmos token is 38.90 and that of the SMA line is 39.16. RSI is declining suffering rejection from the SMA line indicating weakness in the short-term trend.
MACD lines have made a bearish crossover. Also, Histogram bars are being formed above the mean line but of decreasing height indicating neutral to bearish sentiment in the market.
Conclusion
ATOM price prediction concludes that Cosmos token price fell 25% in June 2023 after losing key support. The price has been corrected since March 2023, forming a parallel channel pattern. The price may bounce back from the demand zone and break out of the channel, but it needs more buyers. The long-term trend is still bearish. The indicators are showing a mixed reaction to the current trend.
Technical Levels
- Support levels: $8.14 and $6.49.
- Resistance levels: $10.88 and $12.90.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.