Cosmos price prediction highlights the consolidation phase of ATOM crypto over the daily time frame chart. However, buyers need to accumulate at a higher rate in order to push ATOM upwards. Cosmos cryptocurrency has been consolidating inside a horizontal range-bound area. Buyers pushed ATTOM back in the game as ATOM marked its return inside the horizontal range.
Cosmos crypto has been inside the horizontal range-bound area since August 2023. ATOM slipped from the range on October 19th but managed to return to the consolidation phase. The cryptocurrency needs more buyers in order to surge towards the upper threshold of the consolidation phase.
Cosmos price was at $6.599 and lost 0.51% of its market capitalization during the day’s trading session. Trading volume has increased by 18% intraday. This demonstrates that buyers are still present in the trade to push ATOM upwards. Volume to market cap ratio was at 2.91%.
Will Cosmos Price Register its Breakout?
Cosmos price prediction indicates the consolidation phase of ATOM crypto over the daily time frame chart. Buyers need to accumulate in order to break out of the horizontal range. ATOM crypto price has been consolidating inside the price range of $6.360 and $7.580. Meanwhile, ATOM crypto is trying to surge from the 20-EMA line to reach the 50, 100 and 200-days daily moving averages. Cosmos crypto must break out of certain resistances to reach the upper threshold of the consolidation phase.
At first, ATOM crypto must recover above the $6.842 mark which is the primary resistance for ATOM. Then, it needs to recover above the $7.160 mark to surge towards the upper threshold which is at $7.580.
ATOM crypto declined by 1.74% in a week and 11.56% in a month. Moreover, Cosmos crypto slipped 30.39% in the last three months and 40.50% in the last six months. In addition, ATOM cryptocurrency lost 31% year to date.
Relative strength index (RSI) was at 46 and is moving towards the oversold zone. Investors in Cosmos cryptocurrency need to wait for further directional change over the daily time frame chart.
Summary
Cosmos price prediction highlights the consolidation phase of ATOM crypto over the daily time frame chart. ATOM slipped from the range on October 19th and is back in the consolidation phase. ATOM crypto price is consolidating inside the price range of $6.360 and $7.580. In addition, ATOM cryptocurrency has lost 31% year to date. Technical indicators highlight the downtrend in the ATOM crypto chart.
Technical Levels
Support Levels: $6.477 and $6.185
Resistance Levels: $6.813 and $7.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/22/cosmos-price-prediction-atom-back-in-the-game-whats-next/