Cosmos price analysis: ATOM all set to conquer $18 amid relief rally
3 min readTL;DR
- Cosmos price analysis shows bullish signs as ATOM touches $15.35
- Bulls are eager to end consolidation and aim higher to reach $18.00
- ATOM/USD faces stiff resistance at $15 and then again at $18
- Cosmos is slowly rising among the altcoin ranks as investor appeal increases
Cosmos price analysis is shedding light on the increasing popularity of altcoin among investors. It is one of the few popular altcoins that has handled the recent downturn pretty well. The current consolidation is also mature as the bulls have defended significant support levels, and the sideways movement bolsters the consolidation pattern.
Cosmos is certainly turning out to be a star cryptocurrency with an increasing market cap and trading volumes. Currently, Cosmos commands a market cap of approximately $3 billion. It is projected as crypto that aims to solve the most challenging issues in the blockchain industry in an environmentally friendly, sustainable, and inexpensive manner. It aims to approach decentralized finance apps in a more user-friendly manner, focusing on demystifying their everyday usage.
Cosmos has certainly got investor interest, as is evident from the rising trading volume. At the time of writing, the ATOM/USD pair trades near $15.00 with an upward bias. Even though the Bollinger Bands extremes limit the pair, it is slowly rising upwards.
Cosmos price movement in the last 24 hours: Moving within contracting Bollinger Bands
The ATOM/USD pair is mainly confined within the Bollinger Bands range of $15.30 to $12.80. It reached a high of $15.35 and went slightly outside the Bollinger Bands to retreat inside. Since then, the pair is printing small green candles on the charts with little upward movement. However, the slope of the Bollinger Bands and the rising price channel is sending optimistic signals to the bulls.
As per Cosmos price analysis, the pair is trading above the 9-day simple moving average at $14.21. Also, the tight range of Bollinger Bands is set to tighten its grip further as we ahead. Such a situation will likely lead to a heavy contraction of the Bollinger Bands, which in turn would mean a breakout to either side. Considering the rising volumes and market cap, the breakout is likely to be bullish rather than a downturn.
The ATOM fell from a high of $32.35 at the beginning of May. It went on to touch a low of $8.76 in the next two weeks when negative crypto sentiment wiped off billions from the market. Cosmos price analysis shows that the recovery from $8.76 lows has been relatively swift. The recovery rally includes a gradual rise built upon rising volume levels and reflects mature asset characteristics.
ATOM/USD 4-hour chart: Sideways movement slopes upwards
The 4-hour chart of ATOM/USD shows mostly sideways movement with prices remaining within a tight range of $15.00 to $12.50. However, the Bollinger Bands, as well as the price channel, is ascending upwards. Both the 50-day and 100-day moving averages are also sloping upwards, signifying a slight bullish bias in the price according to Cosmos price analysis.
The RSI remains at 60 on the hourly charts meaning the bias is undoubtedly on the higher side. The MACD indicator is in the green zone with a precise cross to the higher side. Also, the Stochastic RSI is signaling a bullish breakout but only on the short-time frame hourly charts. The technical indicators on the daily charts are still in red.
The pair faces initial resistance at $15 and then at $17.50 as per Cosmos price analysis. The pair would require massive volumes and support from the broader crypto market to break past the $20.00 resistance. On the downside, the bulls are ready to defend the $12.00 pivot point.
Cosmos price analysis conclusion: ATOM all set to conquer $20 once again
The negative sentiment in the crypto market seems to have subsided for now. Most significant altcoins are undergoing relief rallies and are on the verge of ending their contraction phase. The ATOM is no different. The pair has remarkably survived the fall to $8.00.
In the subsequent few trading sessions, if the trading volumes keep soaring, the ATOM/USD pair will cross $18.5 first and then aim for $20. Traders must keep technical indicators in mind before initiating long positions. Cosmos price analysis shows that bullish winds are supporting the price well.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
