Cosmos price analysis: Price manages to break through the $42 barrier with bullish support

TL;DR Breakdown

• Price has moved up to $42.4.
• Cosmos price analysis favors bulls.
• Support is strong at the $39.9 level.

The cryptocurrency is bullish, and bulls have been able to overpower the bearish momentum as an increment in price has been recorded as per Cosmos price analysis. The uptrend has been getting stronger for the past few days, and today the price managed to escape the resistance present at $42. The price is now at the $42.4 level, and it is expected that it will soon move on to further higher levels in the upcoming week. Further recovery is possible only if the support remains strong at $39.9.

ATOM/USD 1-day price chart: Price hits $42.4 high as bullish trend aggravates

The one-day Cosmos price analysis is confirming an upward trend for the day as an increase in price has been reported. The price has constantly been turning to higher points since the past few weeks, as the bulls have been trending. Today, a significant rise in price was observed as the price moved on to $42.2 in height. This is a highly encouraging sign for the buyers as the price has gone quite higher than the moving average (MA) value, i.e., $37.

The SMA 20 curve continues to trade above the SMA50 curve as a crossover was observed in the earlier weeks, which is a major bullish hint. The upper value of the Bollinger bands indicator has gone up to $44, representing support, whereas their lower value is present at the $19 mark. The Relative Strength Index (RSI) score is now touching the 68 mark just below the border of the overbought zone.

Cosmos price analysis: Latest developments and further technical indications

The 4-hour Cosmos price analysis shows the crypto pair price is following a downtrend on the four hours price chart as the price has undergone a considerable amount of decline during the last four hours. Although the bulls were at lead earlier, the last four hours have seen a loss in ATOM value. The price has stepped down to the $42.3 level after swinging high towards $43.1. The price is standing above the moving average value, which is present at $39.6.

The volatility is increasing, which means that the price might undergo recovery soon. The Bollinger bands average has increased to $40, where their upper value is at $44.3, representing resistance for ATOM and the lower value is at the $35 mark representing the strongest support. The downfall in price has lowered the RSI score to 59, which is still a high number.

Cosmos price analysis conclusion

The Cosmos price analysis is bullish today as the coin, after breaking downwards, managed to rally higher and is trading in greens at the moment. We expect ATOM/USD to continue upside after retracing for a few hours more.

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