Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- ATOM’s bearish momentum had the bears with the higher hand on the time of writing
- Nonetheless, ATOM might see a reversal as extra merchants held longer positions
ATOM’s bearish momentum from mid-March has seen the altcoin’s value drop by over 20%. Regardless of a bullish rally in mid-April, the extreme promoting stress has seen ATOM crash to $10.51, as of press time.
Learn Cosmos’ [ATOM] Worth Prediction 2023-24
Whereas Bitcoin [BTC] and the overall crypto market skilled delicate good points prior to now few days, ATOM’s value has remained round this key assist stage. What can merchants count on subsequent?
Bearish momentum stalls at key assist stage
Supply: ATOM/USDT on Buying and selling View
Bears have retained the higher hand in dictating ATOM’s value motion over the previous three months. Nonetheless, ATOM’s current value motion confirmed that bears have discovered the $10.56 value zone very robust to crack. This value zone heralded ATOM’s value rally in January, reiterating the power of patrons at this assist stage.
Typically, the retests of a assist stage after the primary take a look at are weaker, however bulls have refused to surrender their maintain of the $10.56 assist stage. Worth has hovered above and below this assist stage for the previous seven days to trace at waning promoting stress.
Whereas bulls haven’t been capable of set off a sustained reversal from this stage, on-chart indicators hinted at its potential. The On Stability Quantity (OBV) indicator maintained a slight uptrend which urged demand was current for ATOM. Though the Relative Energy Indicator (RSI) dipped below the impartial 50, it stood at 42 to additionally trace at a doable reversal.
The 12-hour chart confirmed {that a} vital bullish candle shut above the $10.56 assist stage might rally ATOM towards the important thing resistance at $11.59. Alternatively, if bears efficiently flip the $10.56 assist stage to resistance, ATOM’s value might attain the January low of $9.66.
How a lot are 1,10,100 ATOMs price right this moment?
Market sentiment barely favored bulls
Supply: Coinglass
The lengthy/quick ratio on the 12-hour timeframe revealed that market sentiment leaned barely in favor of a bullish rebound. Knowledge from Coinglass confirmed that longs held a 51.07% benefit, as of press time.
Nonetheless, the fluctuating funding fee confirmed market speculators have been adopting a watchful strategy towards ATOM. Merchants ought to train warning and look ahead to potential value actions on the key assist stage earlier than getting into new positions.
Supply: Coinalyze
