Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Cosmos (ATOM) crypto price was on a downtrend, forming lower lows after facing strong rejection near the $10 psychological level. The cryptocurrency price formed a support at $8.21 during the middle of June and commenced a bullish rally.
The crypto market turned bullish during mid-June after a news release regarding BlackRock, one of the world’s largest investment management firms, filing for Bitcoin Spot ETF.
Atom price also witnessed a rally, rising above $10, but the bullish move was halted as the price faced rejection from $9.97. The price fell below $8.21 initial support and has recently formed a support at $6.35.
Cosmos again commenced a bullish rally from $6.35 but faced rejection from $7.52. The asset price retraced and currently formed support at 6.94.
The previous candle closed bullish, and the current candle has broken the high, headed toward the $7.52 resistance level. If bulls can push the price above $7.52, it might retest the previous zone, and support turned the resistance level of $8.21. The market structure shows that there has been a strong confluence of bulls in the market since the middle of September.
Cosmos Road Map For 2024
Cosmos has recently revealed its roadmap for 2024. Cosmos’ (ATOM) roadmap highlighted that the blockchain’s primary focus would be on five critical areas: developer experience, refining the go-to-market strategy, addressing technical challenges, user adoption, and modularity, which has turned Atom price bullish.
The market capitalization of Cosmos has increased by 1.34% to $2,685,858,521 at the time of writing. The 24-hour trading volume has declined by 15.25%. ATOM price is down 84.28% from the all-time high of $44.70 and up 521.31% from the all-time low of $1.13.
Will ATOM Price Continue Rising?
The cryptocurrency price has surged above 20-day exponential moving averages, suggesting a rise in bullish momentum. If the bullish momentum prevails, it will rise above the 50-day EMA. The Chaikin money flow score has risen below the 0 mark and currently trades at 0.0, implying neither weakness nor strength in the market.
The relative strength index has climbed above the 50 neutral mark and currently trades at 56.45, indicating a rise in the participation of bulls in the market. The long-short ratio is 0.96, with 49.12% longs and 50.88% shorts, indicating a slightly higher position from the selling side in the last 24 hours.
Conclusion
Cosmos aims to solidify its position by attracting developers from competing platforms as they repay the “technical debt.” In app development, technical debt leads to extra work and can be caused by resource constraints and shifting code requirements. The roadmap for 2024 has turned Atom’s crypto price bullish.
Technical Levels
Support Levels: $6.94 and $6.35
Resistance Levels: $7.52 and $8.21
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Source: https://www.thecoinrepublic.com/2023/10/01/cosmos-price-prediction-what-turned-atom-price-bullish/