ATOM Recovery Rally problems all-time large resistance $44.seven

Cosmos Price Analysis: ATOM recovery rally challenges all-time high resistance of $44.7


Cosmos coin price tag action has proven a notable V-shaped recovery. The price tag is at this time on the threshold of the ATH resistance at $44.seven and with the formation of a Cup and Handle, the coin can break over the overhead resistance to resume its uptrend.

Main technical factors of Cosmos:

  • ATOM coin rally will get robust help from 200-day EMA
  • Cosmos’ intraday trading volume was $three billion, exhibiting a 27.eight% enhance.

The supply- Tradingview

Previously Coingape predicted a thirty% development possibility in the Cosmos token. On January one, the coin price tag created a breakout from the $34 resistance degree, with a major pump in trading volume. Followed by a retest of a day, rally rally continues moving forward

Within just two days, the price tag reached the all-time large resistance of $44.seven. The provide stress at this degree needed a smaller pullback from the coin prior to recovering to the overhead resistance.

This new rally in the ATOM token broke by the essential EMAs (twenty, 50, a hundred and 200), regaining the bullish streak. Moreover, the twenty EMA has started off to strongly help the coin price tag.

The everyday Relative Strength Index (68) approaches the overbought zone highlighting the ongoing bull run.

Cosmos Coin exhibits a cup and deal with pattern on the four-hour timeframe

The supply- Tradingview

The current correction and recovery of the ATOM coin price tag uncovered a Cup and Handle pattern. The neckline resistance for this pattern is the exact same as outlined over i.e $44.seven. The latest price tag of this token is $42.five, with a six% attain on the day.

Cryptocurrencies need to be patient till the price tag offers a suitable breakout and sustainability over this degree to seize the outstanding prolonged-phrase entry possibility.

According to the Average Directional Movement Index indicator, the downward slope signifies the exhaustion of the former brief-phrase downtrend. Furthermore, a breakout of $44.seven will spike the ADX slope, predicting bullish momentum to select up.

Furthermore, the Fibonacci extensions could offer a very good thought for vital resistances over the $44.seven mark. These ranges are $49.three and $57.

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