- ATOM price is losing its $13 ask zone as the price is trading in the low $10 region and may experience further selling.
- ATOM price continues to look weak after a downtrend with the current state of the market as things look uncertain for most traders and investors.
- ATOM’s price is trading below the daily 50 Exponential Moving Average (EMA) as the target level to buy.
Over the past couple of days, the crypto market has seen a drastic shift in sentiment, with Cosmos (ATOM) and the price of other altcoins struggling to survive after news broke that Binance would not take over FTX after showing signs of due diligence. The previous weeks saw the price of Cosmos (ATOM) perform well, rising from a low of $13 to a high of $15. Most altcoins are trending higher as many have produced gains of over 200% with many hoping for more recovery bounce. Yet, these expectations have been interrupted by the uncertainty surrounding the crypto market, which has raised a lot of fears about where the market is headed. (Data from Binance)
Cosmos (ATOM) price analysis on the weekly chart
The past few days have been filled with so much turmoil in the crypto space that many altcoins have struggled to show strength after losing key support to prevent price declines.
The current uncertainty surrounding the market has resulted in a reluctance on the part of traders and investors to make altcoin purchases as there is no guarantee they will be heading anytime soon.
The price of ATOM, despite showing great strength in recent weeks, ATOM has been left hanging as the current state of the market has caused the price to drop to its weekly low of $10 after a long time.
ATOM price saw its price drop to a weekly low of $9.5 before bouncing off this region, showing great strength in a $10 region as price aims to break higher.
Weekly resistance for the price of ATOM – $11.5.
Weekly support for the price of ATOM – $6.5.
ATOM price analysis on the daily chart (1D)
ATOM price remains weak in the daily timeframe as the price is trading below the key $11.5 support region, with bulls eyeing the lower regions to buy ATOM price.
The $8.5-$5.5 region has been a key ask area for the ATOM price on both weekly and daily timeframes given the strength of this project with good community support.
Daily resistance for ATOM price – $12.
Daily support for the ATOM price – $8 – $5.
Featured Image From zipmex, Charts From Tradingview