The post ATOM Price Analysis: Is It Worth Investing In Cosmos? appeared first on Coinpedia Fintech News
Cosmos blockchain displayed a strong positive price action by gaining over 30% during the past month, but the price has lost traction as it has recorded a gain of less than 1% in the past week and further recorded a loss of over 4% within the past day, indicating a cool-off for the token in the market.
The ATOM price traded in a consolidated range between $6.796 and $7.192 for a while, following which the price gained momentum, resulting in the price breaking out of the range.
The Cosmos price continued to gain momentum but was rejected at the resistance level of $8.202, after which, the price traded sideways for a week.
The market bulls then regained momentum and broke out of the resistance level. Cosmos token then displayed significant price volatility but was trading under the influence of the bulls, resulting in it breaking out of the key resistance level at $9.591.
The price recorded a high of $10.594, after which it was rejected and recorded a drop of 15% in value. The coin hovered close to the support level of $8.935 for a period. The bulls made another attempt to test its high of $10.594, but the price was rejected at $10.208, resulting in the bulls losing momentum and the price recording a loss of 20%.
The bulls then quickly regained power, and the coin has seen positive trading since. Recently, the ATOM price attempted to test its upper level but faced rejection at $10, indicating a bear power in the market.
Will The ATOM Coin Go Up?
The Moving Average Convergence Divergence (MACD) displays a decline in the histogram, indicating weak buying and selling pressure for the coin. Further, the averages show a high possibility of a bearish convergence, suggesting the price might lose value in the coming days.
If the bulls push the price above the resistance level of $9.591, the price will regain momentum and prepare to test its upper resistance level of $10.208. Further, if the bulls hold the price at that level, the ATOM price will continue to rise and test its upper level of $10.594 in the coming days.
Conversely, if the bears overpower the bulls, the price will lose momentum and prepare to test its support level of $8.935 soon. Moreover, if the bears continue to dominate the market, it will continue to plunge and prepare to test its lower support level of $8.202 during the next month.
