ATOM Caged Inside an Interesting Pattern

Cosmos price prediction indicates the sideways momentum of ATOM crypto inside the horizontal range over the daily time frame chart. However, ATOM crypto is currently trying to gain an upside trend to recover towards the upper price range of the horizontal range-bound area. ATOM crypto needs to accumulate buyers in order to surge towards the upper threshold of the consolidation phase.

Cosmos crypto price has been consolidating inside the horizontal range -bound area since August 2023. Buyers tried to push ATOM crypto out of the consolidation phase but failed to sustain at the upper resistance level. For ATOM crypto to register its breakout it must accumulate buyers at a significant rate.

Cosmos price was at $6.627 and gained slightly around 0.65% of its market capitalization during the day’s trading session. However, trading volume has decreased slightly by 2.68% during the intraday trading session. This shows that sellers are still present in the trade to pull ATOM down. Volume to market cap ratio was at 2.87%.

Will Cosmos Price Skip Consolidation?

Cosmos price prediction highlights the struggle of ATOM crypto inside the horizontal range-bound area. Buyers need to come forward for the rescue of the ATOM crypto to revert back towards the upper threshold of the consolidation phase. However, volume needs to grow during the day’s trading session to signal any change. Meanwhile, ATOM crypto slipped below 20, 50, 100 and 200-days daily moving averages.

Cosmos price is caged inside the horizontal range bound area between $6.360 and $7.579. Cosmos cryptocurrency declined by 3.04% in a week while gained around 3.94% in a month. However, ATOM crypto slipped by 32.35% in the last three months and 46.50% in the last six months. In addition, Cosmos cryptocurrency has slumped around 29.11% year to date.

Technical indicators suggest the upside trend of ATOM crypto inside the consolidation phase. Relative strength index shows the upward momentum. RSI was at 39 and is heading towards neutrality. Investors in Cosmos cryptocurrency need to wait until the ATOM price reaches the upper trendline of the consolidation phase.

Summary

Cosmos price prediction indicates the sideways momentum of ATOM crypto inside the horizontal range over the daily time frame chart. Cosmos crypto price has been consolidating inside the horizontal range -bound area since August 2023. However, volume change can be seen below average and needs to grow during the day’s trading session. However, ATOM crypto slipped by 32.35% in the last three months and 46.50% in the last six months. Technical indicators suggest the upside trend of ATOM crypto inside the consolidation phase. Investors in Cosmos cryptocurrency need to wait until the ATOM price reaches the upper trendline of the consolidation phase.

Technical Levels

Support Levels: $6.470 and $6.360

Resistance Levels: $7.000 and $7.307

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.