Cosmos recently fell out of the rising flag, but still managed to bounce off the first level of the support zone. The price thus still did not create a declining short-term minimum and it seems that the trend remains unchanged at the time of writing. Let’s look at the main levels support and resistance and the current trend.
ATOM as one of the few high-capitalization cryptocurrencies, it has seen rapid growth in recent times. The current trend is more of a sideway as the price has created double peak at resistance $ 44.00 a double bottom for $ 34.50 support. In this situation, it is therefore important to maintain support so that the trend does not turn to correction.
Cosmos in a sideway structure
The support we are mentioning is longer term and significant. It is a long-term key point of control and the price has respected this level several times. The positive is also that volumes do not subside and tend to have an increasing tendency. However, the game also respects the previous support of the flag as a new resistance.
This resistance could also arise because MA21 is located here. Therefore, a scenario should be expected where the price does not maintain the mentioned support and we enter corrections. Next support is then a level of $ 32.00. In the long run, however, the price still reaches higher lows and highs and the trend is unchanged.