Cosmos (ATOM) Trades Below $13 As Bulls Give Up; Here Are Levels Bulls Will Buy
Originally posted here.
ATOM’s price loses its demand zone of $13 as the price trades to a low region of $10 and could experience more sell-off.
ATOM’s price continues to look weak after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors.
ATOM’s price trades below the daily 50 Exponential Moving Average (EMA) as bulls eye levels to buy in.
In the last two days, the crypto market has seen some drastic shift in sentiment, with Cosmos (ATOM) and the price of other altcoins battling for survival after the news that Binance would not be taking over FTX after conducting due diligence. Previous weeks saw the price of Cosmos (ATOM) perform well, rallying from a low of $13 to a high of $15. Most altcoins trend higher as many produced gains of over 200%, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)
Cosmos (ATOM) Price Analysis On The Weekly Chart
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.
The price of ATOM, despite showing some great strength in recent weeks, ATOM has been left hanging in the air as the current state of the market has led to the price dropping to its weekly low of $10 after a long while.
The price of ATOM saw its price decline to a weekly low of $9.5 before bouncing off this region, showing some great strength to a region of $10 as the price aims to break higher.
Weekly resistance for the price of ATOM – $11.5.
Weekly support for the price of ATOM – $6.5.
Price Analysis Of ATOM On The Daily (1D) Chart
Daily ATOM Price Chart | Source: ATOMUSDT On Tradingview.com
The price of ATOM remains weak in the daily timeframe as the price trades below the key support region of $11.5, with bulls eyeing lower regions to buy in on the price of ATOM.
The region of $8.5-$5.5 has been a key demand zone for the price of ATOM on both weekly and daily timeframes, considering how strong this project has been with good community backing.
Daily resistance for the ATOM price – $12.
Daily support for the ATOM price – $8-$5.
Featured Image From zipmex, Charts From Tradingview