Cosmos continues the growing leg despite the fact that the entire market is located in correction. The price has even erased the latest slump and seems to be continuing the upward trend. Nevertheless, the market price is close to the main resistance and it is questionable whether he can overcome it. What levels need to be monitored?
The most important support, which is closest to the market price, is in the area around $ 36.50. On the contrary, the most important resistance is in the area around $ 44.00. The price still holds support rising flag and if it does not keep it, the creation of a sideway structure is also at stake. Growing volumes on the side of the bulls are also positive.
Cosmos continues to grow. Source: TradingViewCosmos is growing despite a market correction
The resistance around $ 44.00 is significant because the price has failed to beat it 4 times in history. Of course, no one knows if it will work now. However, if the price again respected this resistance, we would probably go to the mentioned sideway structure. But what if the price beats it?
If we overcome the mentioned resistance, the price will go to new highs and to the zone of price discovery. Then it is difficult to determine further resistance. So it will depend on the predominance demand or supply. Therefore, further contact with this resistance needs to be monitored.
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