Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Cosmos has shown a strong chart structure in the recent trading sessions. The price was trading above the key moving averages and reflected the buyers’ power. The sellers were wary of the competition and waited for a decline to show their influence. But seeing the rise, they were closing their positions and staying on the sidelines. The buyers kept making long positions, steadily moving towards the $10 mark.
ATOM crypto was trading at $9.705 at the time of writing with a slight increase of 1.78% for the day, showing bullishness in the last trading session. The trading volume for the day was 309.439 Million. The market cap of ATOM crypto was $3.632 Billion.
On the daily charts, Cosmos crypto stayed on the top, near the supply zone, holding the gains convincingly. Buyers have an edge and dominated the past few trading sessions. Moreover, the price persisted in forming higher highs, and sellers were trapped during the rebound.
As per the crypto technicals, analysts maintained a buy rating, and the target price of $10 was retested recently, highlighting bullishness.
Technical Analysis of Cosmos Crypto Price in 1-D Time Frame
Currently, Cosmos crypto (USD: ATOM) is trading above the 50 and 200-day SMAs simple moving averages (SMAs), which are supporting the price momentum.
However, if buying volume adds up, then the price might support bullish momentum by making higher highs and marking new highs. Hence, Cosmos price is expected to move upwards giving bullish views over the daily time frame chart.
The current value of RSI is 80.82 points. The 14 SMA is above the median line at 72.96 points which indicates that the Cosmos crypto is bullish.
The MACD line at 0.264 and the signal line at 0.235 are above the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the ATOM crypto price.
Weekly Charts Price Analysis
The weekly charts of Cosmos Crypto reveal that the buyers have been dominant. Crypto has been on an uptrend trend, as it has broken above the key resistance levels. The technical indicators also confirm the bullish sentiment, as the RSI is near the positive zone at 57 and the MACD has formed green bars and a bullish crossover. These signals indicate that the crypto may surge more in the coming weeks.
Summary
Cosmos crypto (USD: ATOM) oscillators are currently indicating that the price is overbought. The investors are not very optimistic regarding the crypto. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the ATOM crypto price. Price action suggests that the investors and traders are bullish on the 1-day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $8.566 and $7.797
Resistance Levels: $10.50 and $12.00
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/11/14/cosmos-crypto-prediction-will-atom-achieve-20-mark-in-november/