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Cosmos (ATOM) Rallies With Over 10% Gain As Indicator Shows Not In Safe Zone

  • ATOM’s value reveals energy as value bounces off from a weekly low of $8.5 giving bulls some aid. 
  • ATOM’s value continues to look bearish as extra sentiment for the market lingers, with issues trying unsure for many merchants and traders. 
  • ATOM’s value rallies excessive on the day by day timeframe as the worth strikes towards the 50 Exponential Moving Averages (EMA) value, trying much less possible to break increased.

The value motion displayed by Cosmos (ATOM) lately hasn’t been motivating after costs declined from a area of $27 to a weekly low of $8.5. With many searching for a significant dump in Bitcoin (BTC) value, the worth of Bitcoin (BTC) bounced from $15,500 as value rallied to a excessive of $16,500, leaving bears on the sidelines as the worth of Comos (ATOM) good points some aid bounces to maintain sturdy above key help. The value motion displayed by Cosmos (ATOM) and plenty of altcoins lately have been problematic as many altcoins battle for survival. The Domino impact of the FTX saga and different large traders concerned has left the market at a standstill because the market is but to make a significant transfer after earlier weeks. (Data from Binance)

Cosmos (ATOM) Price Analysis On The Weekly Chart

Most crypto merchants and traders have had a tough few days, with many involved about the place the market is headed after a lot turbulence within the crypto house. Many altcoins have struggled to present energy, shedding key help in a bid to survive.

The present market uncertainty has brought on merchants and traders to be hesitant to buy altcoins, as there is no assure that they will rise in worth any time quickly.

The value of ATOM on the weekly chart has struggled regardless of the market uncertainty that has affected main crypto tasks which have continued to construct on this bear market, and extra FUD (worry of uncertainty and doubt) persists. ATOM noticed its value traded in a area of $17 on the weekly chart, however the value was rejected as ATOM’s value declined to a area of $8.5, bouncing off this area to commerce at $9.5 with a small aid from the market.  

Weekly resistance for the worth of ATOM – $10.

Weekly help for the worth of ATOM – $8.5.

Price Analysis Of ATOM On The Daily (1D) Chart

Daily ATOM Price Chart | Source: ATOMUSDT On Tradingview.com

The value of ATOM stays significantly weak within the day by day timeframe as the worth trades above $8.5 help after the worth was rejected from a excessive of $17.

ATOM’s value trades at $9.8 beneath its 50 and 200 EMA, appearing as resistance for the worth of ATOM. The value of $11.5 and $13.8 corresponds to the costs at these ranges, appearing as resistance. 

If the worth of ATOM breaks and holds above $11.5, we may see extra rallies for the ATOM value to a area of $13; a break beneath a area of $8.5 would ship the worth again to a area of $5. 

Daily resistance for the ATOM value – $11.5.

Daily help for the ATOM value – $8.5-$6.

Featured Image From zipmex, Charts From Tradingview 

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