Cosmos Price Prediction: Will ATOM Price break the Trendline?

• Cosmos Price Prediction suggests ATOM Price may show a sharp rise if certain conditions are met.
• ATOM Price struggles to climb above the 50 day EMA to reverse the trend.
• The Cosmos Price is giving its 6th attempt to break out of the trendline. 

Cosmos Price Prediction favors the bulls and suggests a rise in the long run till it sustains above $8.00. It recovered 40% approx from the recent swing low and displaying the signs of the bullish trend reversal. 

ATOM Price is trying to climb above the 50 day EMA to turn the short term trend in the favor of bulls. However, the downward sloping trendline and the 200 day EMA is placed slightly higher which is likely to act as a strong hurdle. 

Cosmos Price is inside the correction phase and declining by forming lower low swings. The short term pull back is facing difficulty to sustain on the higher levels which shows the strong presence of sellers in the supply zone. 

At the beginning of June, ATOM crypto price dropped below crucial support of $10.00 which triggered negative sentiment and invited further downfall. The downfall halted near to the $7.00 and prices formed a long tail hammer candle. 

Later after a little bit of consolidation prices begin to recover and buyers trying to regain the $10.00 mark. Cosmos Price is trading at $9.318 with an intraday rise of 1.49%. The 24 hour volume to mark cap is 2.71%. 

Cosmos Price prepares to trade above $10.00?

Cosmos Price defends the $8.00 support but lacking the recovery momentum near to the trendline hurdle. The buyers seem reluctant to build aggressive long positions due to the fear of rejection from the hurdle. 

Till ATOM Price is sustaining above the $8.00 level the probability of trendline breakout remains high. If the buyers succeed to break out of the $10.00 then a sharp rise is possible. 

On the other hand, if ATOM crypto price faces rejection from $10.00 then bears might try to pull it down to the yearly lows. Another probability is Cosmos Price might consolidate for some time before deciding further direction. 

ATOM Price is mild bearish on weekly time frame

ATOM Price fell 4% in the current week and formed a bearish rejection candle on the weekly time frame. The market leader BTC Price is bullish and sustaining above the $30K level which is positively impacting the other Altcoins. 

The MACD curve is facing a hurdle near the zero line and reversing down indicates mild bearishness. However, The histogram bar is still green. The RSI at 48 turning down from the overbought territory denotes prices are lacking the momentum.

Conclusion 

Cosmos Price Prediction suggests a rise in the long run and it might show a sharp rise after $10.00 breakout. 

ATOM Price defends $8.00 and shows minor recovery but price will gain momentum after trendline breakout. The technical analysis suggests the probability of the trendline breakout remains high. 

Technical levels

Resistance levels: $11.00 and $13.00

Support levels: $8.00 and $7.00

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.