Cosmos Price Prediction: Will ATOM Escape Its Consolidation?

The pair of ATOM/BTC was trading at 0.0004164 BTC with a rise of 2.64% over the intraday trading session. The token, however, experienced a fall of 47.82% in the previous trading year under a bear market. Due to strong selling pressure in the market, the ATOM token fell to its secondary support level of $8.391 at the end of 2022.

Starting from the beginning of 2023, the ATOM token experienced a rise in its value as a result of the bull market, which led to the breaking of its primary support and resistance levels. However, the sellers took control of the market after the token tested its secondary resistance level. As a consequence, the ATOM token’s price dropped below its primary resistance level, indicating that the zone after the secondary resistance level is acting as a supply zone or distribution phase for the ATOM price.

According to the Cosmos price prediction, the token has the potential to experience a bullish trend in the coming days if it manages to surpass its primary resistance level of $13.230 with the support of buyers. If this occurs, the price may escalate toward the secondary resistance level of $15.512. In other words, the price of ATOM could increase soon if there is sufficient demand from buyers to push the price higher.

The trading volume of the token increased by 5.26% in the last 24 hours, indicating a relationship between the trading volume and the price of ATOM, indicating bullish intent in the market.

Cosmos Technical Analysis

The Relative Strength Index (RSI) is increasing in the overbought zone and has shown a positive crossover. This suggests the buyers are in the majority of the market and pushing ATOM upwards. The current value of RSI is 64.80, which is above the average RSI value of $49.81.

MACD and the signal line are increasing over the daily chart which supports the RSI claims. However, the MACD and the signal line are above zero which indicates bullish intent.

Conclusion

Cosmos price prediction suggests that the token has the potential to experience a bullish trend in the coming days if it manages to surpass its primary resistance level of $13.230 with the support of buyers. The increase in the trading volume shows positive market sentiment toward the ATOM token.

Furthermore, RSI and MACD technical indicators are increasing and have shown positive crossover over the daily trading chart which shows strength in the current bullish intent.

Technical Levels-

Resistance level- $13.230 and $15.512

Support level- $10.614 and $8.391

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 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