- The investors spotted a bullish divergence.
- The buying volume was seen rising.
- The market capital rose by almost 4% , amounting to $2.793 billion.
The holders of Cosmos (ATOM) have observed a bullish pattern being formed, but it could take a while to crop up. The users are keeping a keen eye on the altcoins after the FTX crash and the several tragedies occurring in the market. The holders participate with a cold heart and act on even the slightest suspicious movements. Amid this, ATOM shows a long-formed bullish divergence, which brought a smile to the holders’ faces.
Here’s what the charts reveal
The price was seen descending from October, breaking all the prior supports. The buying volume is on the rise even though ATOM declined in price. On-Balance Volume (OBV) has formed a series of higher lows since October. In the same period, the price made a series of lower lows. This was the bullish trend that the investors spotted. They would have a keen eye on the price level at $8.04 to enter the market and make future profits.
The price moving in a downtrend sends the RSI indicator to move in the zone closer to 40-mark and sideways. It may drop and bounce back to the same zone, matching the movement of the price level. The MACD indicator converges to go neutral with the signal line lying below and sellers and buyers acting below the zero-histogram mark.
In the recent hours
The RSI drips to bounce back to the previous zone of $42 and goes flat. It may move horizontally for some time before the big leg. The MACD indicator entwined and then diverged in a bearish form as the seller became active and created selling pressure. It may maintain this behavior till the market transforms to bullish.
Many analysts think that if you are not staking $ATOM right now, you may be causing yourself a kick in the teeth, as it displays strong bullish signs and heavy futuristic returns. The current market gives immense hope to the holders and new potential investors.
Support levels: $8.044 and $6.063
Resistance levels: $12.281 and $17.025
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.