Cosmos Struggles With $17 As Price Heads Into Distribution Phase
2022年9月21日 - 12:50AM
NEWSBTC
ATOM struggles to break $17 as the price gets rejected. The price
of ATOM enters the distribution phase on a daily timeframe. ATOM’s
price needs to hold the key support at $12 to maintain a bullish
structure. Hidden bearish divergence resurfaces in the 4H
timeframe. Cosmos (ATOM) has been the major player of the current
relief bounce, with price rallying from a region of $6 to $17, with
many paying so much attention to its ecosystem as this could prove
to be a major player also in the bull run. The price of Cosmos
(ATOM) showed so much strength, holding pretty well against tether
(USDT) as the market continued to decline in price. Related
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Expert Predicts Cosmos (ATOM) Price Analysis On The Weekly
Chart Despite a decline in its price from $45 to $6, over 70%
decline from its all-time high, the price of ATOM showed great
strength as price bounced from its weekly low of $6, rallying to a
high of $17 before facing a rejection to break above that region to
higher heights. The price of ATOM on the weekly chart looks strong
despite seeing more sell orders lately as the price continues to
hold. For ATOM to resume, its bullish sentiment price needs to
rally and break above $17, as this has proven to be a resistance to
ATOM prices. ATOM’s price is trading at $14.3 below its resistance;
the price of ATOM needs to hold above $12 to avoid the price from
going lower due to the sell-off. If the price of ATOM holds this
region, there could be more belief of a rally to its resistance at
$17 and possibly breaking and holding above this region. A break
below $12 would mean retesting lower demand zones and reluctance
for bulls to step into buy orders as there would be more agitation
for lower prices. For ATOM’s price to restore its bullish
move price need to break and hold above the $17 resistance
preventing the price of ATOM from trending higher. If the price of
ATOM keeps rejecting the trendline resistance, we could see the
price going lower as there are more sell orders than buy
orders. Weekly resistance for the price of ATOM – $17. Weekly
support for the price of ATOM – $12. Price Analysis Of ATOM On The
Four-Hourly (4H) Chart The 4H timeframe for ATOM prices continues
to weaken as prices break to the downside, as there seems to be a
hidden bearish divergence suggesting the price of ATOM could retest
the support area at $13. On the 4H timeframe, the price of ATOM is
currently trading at $14.5 below the 50 Exponential Moving Average
(EMA), acting as resistance for ATOM price. The price of $15.2
corresponds to the resistance at 50 EMA for the price of ATOM. The
price of ATOM needs to hold the support area at $13, which
corresponds to the 200 EMA. Four-hourly resistance for the
ATOM price – $15.2. Four-hourly support for the ATOM price – $13.
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