- ATOM’s price is showing strength as the price rebounds from a weekly low of $8.5, providing relief for the bulls.
- ATOM’s price continues to look bearish as market sentiment persists with things looking uncertain for most traders and investors.
- ATOM’s price increases on the daily timeframe as the price nears 50 Exponential Moving Averages (EMA) price, looking less likely to break higher.
The price action displayed by Cosmos (ATOM) recently has not been motivating after prices fell from a region of $27 to a weekly low of $8.5. While many are looking for a major decline in the price of Bitcoin (BTC), the price of Bitcoin (BTC) rebounded from $15,500 as the price hit a high of $16,500, leaving the bears on the sidelines as the Comos (ATOM) price gains some relief rebounds to hold above key support. The price action displayed by Cosmos (ATOM) and many altcoins recently has been problematic as many altcoins are fighting for survival. The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market has yet to make a major shift after the previous weeks. (Data from Binance)
Cosmos (ATOM) price analysis on the weekly chart
Most crypto traders and investors have had a rough few days, with many worrying about where the market is headed after so much turmoil in the crypto space. Many altcoins have struggled to show their strength, losing key support in an effort to survive.
The current market uncertainty has made traders and investors hesitant to buy altcoins, as there is no guarantee that they will rise anytime soon.
The price of ATOM on the weekly chart struggled despite market uncertainty affecting major crypto projects that continued to thrive in this bear market, and more FUD (fear of uncertainty and doubt) persists. ATOM saw its price trade in a region of $17 on the weekly chart, but the price was rejected as ATOM’s price fell to a region of $8.5, bouncing off that region to trade at $9.5 with a slight market relief.
Weekly resistance for the price of ATOM – $10.
Weekly support for the price of ATOM – $8.5.
ATOM price analysis on the daily chart (1D)
The price of ATOM remains considerably weak in the daily timeframe as the price is trading above the $8.5 support after the price was rejected from a high of $17.
ATOM price is trading at $9.8 below its 50 and 200 EMA, acting as resistance for ATOM price. The price of $11.5 and $13.8 matches the prices at these levels, acting as resistance.
If ATOM price breaks and holds above $11.5, we could see more rallies for ATOM price towards $13 region; a break below an $8.5 region would push the price back into a $5 region.
Daily resistance for ATOM price – $11.5.
Daily ATOM price support – $8.5-$6.
Featured Image From zipmex, Charts From Tradingview