The cryptocurrency is in bullish form as per Cosmos price analysis, and bulls have been able to defeat the bearish trend as an increase in price has been recorded today. The bullish momentum has been getting stronger for the past two days, and today the price crossed above the resistance present at $11.4. The price has increased up to the $11.5 level, and it is expected that it will soon move up to challenge the resistance present at $12.3. But further recovery is possible only if the support remains strong from the buyers’ side.
ATOM/USD 1-day price chart: Bulls to counter resistance at $12.3
The one-day Cosmos price analysis is confirming an upward trend for the day as the price has increased today as well following the bullish trend that started yesterday. The price has constantly been recovering during the past week along with two strong corrections as well, which has affected the upwards trend. Today, a significant rise in price was observed as the price moved on to $11.5 in value gaining 16.4 percent value during the last 24 hours. This is a highly encouraging sign for the buyers as the coin also reports an increase of 6.53 percent in value for the past week, and the price has gone quite higher than the moving average (MA) value, i.e., $10.9.
However, the SMA 20 curve continues to trade below the SMA50 curve as the major trend line is still downwards. The volatility has been high and the upper value of the Bollinger bands indicator has gone up to $20.4, representing resistance, whereas their lower value is present at the $7.16 mark representing the strongest support for ATOM/USD. The Relative Strength Index (RSI) is also moving upwards and the score is now touching the index of 37, the indicator is still trading in the lower neutral range.
Cosmos price analysis: Recent developments and further technical indications
The 4-hour Cosmos price analysis shows the crypto pair price is following an uptrend on the four hours price chart as the price has undergone a considerable amount of increase during the last four hours. Although bears tried to shift the trend, the bulls were at the lead earlier, and the last four hours have also seen a rise in ATOM value as well. The price has stepped up to the $11.6 level after swinging high. The price is standing above the moving average value, which is present at the $10.8 level.
The volatility is mild, and the Bollinger bands average has been maintained at $10.9, whereas their upper value is at $11.8, representing resistance for ATOM and the lower value is at the $9.9 mark representing the strongest support. The latest increase in price has raised the RSI score to index 58, which is still a high number.
Cosmos price analysis conclusion
The Cosmos price analysis is in the bullish direction today as the coin, after breaking upwards, managed to continue upwards and is trading in greens at the moment, despite the fact that a smaller correction also took place today. We expect ATOM/USD to continue upside for today.
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Source: https://www.cryptopolitan.com/cosmos-price-analysis-2022-05-20/