Cosmos Price Prediction: ATOM Surged 10% in the past 24 Hours

• Cosmos join the bullish rally along with other cryptocurrency 
• ATOM price surged substantially, about 10% over the last 24 hours.
• ATOM coin price is tussling for the 200-day EMA.

Cosmos (ATOM) price joins the bullish rally along with most cryptocurrencies in mid-October 2023. The coin price began its upward momentum on 29 October, and soon after, ATOM price went up from the 20, 50, and 100-day EMAs. Despite its price action being delayed, Cosmo’s price activity has been growing for quite a few weeks now.

The ATOM price is currently trading at $ 7,944 at the time of writing. It has witnessed a sudden spike of roughly 33% over the past few days, constantly forming higher highs from its initial low of $6.167. It triggered a positive sentiment and led to the formation of a recent resistance level at $8.238.  The bullish sentiment revealed that investors were highly confident in ATOM. And market participants hope that the price might grow further. The recent rally already recovered the previous losses of October. Furthermore, it is currently contesting for the $10.00 psychological level.

If the bullish momentum remains constant, the price might surge towards the $10.00 psychological level. On the contrary, if the mass gathering of bears snatched the control from the bulls, the price might melt back to the previous support of $6.200 level. 

The current market capitalization of Cosmos is $2.07 Billion, and the 24-hour trading volume is $65.49 Million. ATOM has a circulating supply of 286.37 million, with an average trading of 165.938K.  Artemis data display that the ATOM’s daily active addresses and daily transactions increased over the past month, suggesting increased traders’ involvement and adoption. Furthermore, ATOM’s performance in the DeFi space was also exceptional, as its TVL spiked substantially in the recent past.

Will ATOM Price Sustain Bullis Rally?

ATOM token price has shifted in an uptrend after a prolonged downtrend in mid October. Hence, the shift in the trend leveraged the Cosmos above the 20, 50, and 100-day EMA, which shows a sudden jump in the participation of buyers. However, it is tussling for the 200-day EMA. 

The Relative Strength Index (RSI) is at 68.66, indicating bold strength and bullish dominance. However, if the bullish rally sustains the price might enter into an overbought region.  The CMF score at 0.21, which suggests a stronghold of buyers in the market. However, ATOM’s long/short ratio is 0.9275 while the short is 48.12% and the long 51.88%, suggesting a higher buying position of the ATOM token.

Conclusion 

The market structure and price action of ATOM were suggesting a bounce back in price action, as the Cosmos price gained an uptrend while witnessing a surge of roughly 33% over the past month. It joined the party along with most of the cryptocurrency in mid-October, 2023. Technical parameters favouring the buyers, as it is located near the overbought region. 

Technical Levels 

• Major resistance: $15.451 and $13.488
• Major support: $6.258 and $6.167

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 assets comes with a risk of financial loss.