Cosmos Price Prediction: Will ATOM Show Bullish Reversal?

• Cosmos is currently trading at $11.26 (press time) with an increase of 2.97% during the intraday trading session.

• The 24-hour low for ATOM was $10.84 and the 24-hour high was $11.39.

• The current Cosmos price is below the 20-, 50-, 100-, and 200-Day EMAs.

The ATOM/BTC pair was trading at 0.0004011 BTC with a dip of 0.75% over the intraday trading session.

Cosmos price prediction suggests that it is currently in a bullish phase after testing its primary support of $10.622. After making its 52-week low in June 2022, the ATOM token started its upward movement with the support of active buyers in the market breaking its primary and secondary support on the way up. 

The ATOM token continued its upward momentum with the help of buyers, which resulted in the token trying to break its secondary resistance of $15.512. However, ATOM price faced rejection and sellers took over the market, pushing the ATOM token below primary support and keeping it near the secondary support of $8.688.

After the start of 2023, the ATOM token began to gain its upward momentum with the help of active bulls in the market breaking its primary support and resistance. The ATOM token, after testing its secondary resistance, was dominated by the sellers. It resulted in the fall of the ATOM price below its primary resistance. This shows that the zone after the secondary resistance is acting as a distribution phase or the supply zone for the ATOM stock price. 

The trading volume of the coin increased by 68.91% in the last 24 hours, meaning that buying activity in the market has increased. Buyers are trying their best and there is a relationship between the volume and the price of ATOM, which shows strength in the current bullish phase.

Cosmos Price Technical Analysis

The Relative Strength Index (RSI) is increasing in the oversold zone and showing the possibility of  a positive crossover, wherein the buyers are in the majority and pushing ATOM upwards. This shows the strength of the current bullish trend. The current value of RSI is 43.59, which is below the average RSI value of 45.39. 

The MACD and the signal line are rising and might show a positive crossover on the daily chart.

Conclusion

Cosmos price prediction suggests that it is currently in a bullish phase after testing its primary support of $10.622. From the beginning of 2023, the ATOM price is trying to seek stability in the market with the support of active buyers in the market. The increase in trading volume reflects the positive market sentiment for the ATOM token.

Furthermore, the RSI and MACD are increasing in the oversold zone and might show a positive crossover, which indicates strength in the current bullish phase. Traders are advised to proceed with caution when making trades in the market.

Technical Levels

Resistance level- $13.470 and $15.512

Support level- $10.622 and $8.688

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.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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