Cosmos Price surged 10%, Will ATOM price break 200 day EMA?

Cosmos price gained 10% on a weekly basis and defended $11.00.
ATOM price sustained a 50 day EMA and attempted to break the 200 day EMA.
Cosmos crypto price showing signs of base formation.

Cosmos price surged 10% approx on the weekly basis and seems to be in the initial phase of the trend reversal. ATOM price defends $11.00 support level and shows signs of base formation. Moreover, ATOM price prediction suggests a rise in the long term and more upward momentum is possible in the coming months.

Cosmos crypto price holds the 50 day EMA showcase short term trend is in the upward direction. However, the price is attempting to break the 200 day EMA, if succeed then the positional trend will also turn bullish.

Cosmos price is trading at $12.226 with an intraday decline of -0.23% and 24 hour volume to market cap ratio is at 0.067. The pair of ATOM/BTC is trading at 0.0004029 with an intraday rise of 0.20%. The price of ATOM/BTC is trading below the 50 and 200 day EMA whereas the USDT pair holds the 50 day EMA. It shows divergence as well as low correlation between both the pairs.

At the beginning of February, ATOM price attempted to break the 15.00 hurdle level but the attempt was not successful. Later, prices faced rejection from the supply zone and began to decline by forming lower low swings.

Will Cosmos Price Continue to rise?

Cosmos price tried to hold the support level of $13.00 but failed due to sell off in the global market. At the beginning of March, overall market sentiment improved and ATOM price downfall halted at $10.287. Later, it formed a bullish hammer candle and showed minor recovery of 20% from the lower levels. However, it failed to break the $13.00 hurdle and prices entered into the narrow range of consolidation.

Recently, some volume spike is visible in Cosmos crypto which indicates that buyers are more active as compared to sellers. The technical analysis suggests ATOM price is in bulls grip and probability of the 200 day EMA breakout remains high. However, the price will gain momentum when buyers are able to sustain the $13.00 hurdle.

ATOM price on weekly time frame

ATOM Price formed a bullish engulfing pattern on the weekly basis and reversing upward from the demand zone. It indicates $11.00 will act as strong support, if any minor profit booking triggers from the higher levels. On the other hand, if Cosmos price drops below $10.00 then it may create trouble for the bullish traders.

The technical indicators like MACD had generated a positive crossover indicating bullish momentum to continue for some more time. The RSI at 60 denotes the strength of bulls and more room for upside is open.

Conclusion

Cosmos price up 10% and attempt to break the 200 day EMA hurdle to turn the positional trend in the favor of bulls. The technical analysis suggests ATOM price is in bulls grip and the possibility of the 200 day EMA breakout is high.

Technical levels

Resistance levels : $15.472 and $17.216

Support levels : $10.482 and $8.464

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing