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Cosmos (ATOM) Trades Below $13 As Bulls Give Up; Here Are Levels Bulls Will Buy

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Cosmos (ATOM) Trades Below $13 As Bulls Give Up; Here Are Levels Bulls Will Buy

  •  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.

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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.

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Daily support for the ATOM price – $8-$5.

Featured Image From zipmex, Charts From Tradingview

Analysis

Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 

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Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 

Litecoin fell for a third consecutive session on Thursday, as the token continued to move away from recent highs. Cryptocurrencies have been mostly lower in recent days, as traders continue to fear a global recession. Cosmos also remained in the red during today’s session.

Litecoin (LTC)

Litecoin (LTC) dropped to a ten-day low on Thursday, with the token falling for a third straight session.

Following a high of $79.20 on Wednesday, LTC/USD moved to a low of $74.82 earlier in the day’s session.

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As a result of this, the token fell to its lowest point since November 29, when prices hit a bottom of $73.39.

LTC/USD – Daily Chart

Looking at the chart, it appears that litecoin bears are hoping to push prices towards a floor at $73.00.

This seems a possibility, especially with the 14-day relative strength index (RSI) fast approaching a floor of its own.

The index is currently tracking at 57.10, and seems to be moving towards a support point of 53.00.

Cosmos (ATOM)

Another notable token on Thursday has been cosmos (ATOM), which fell to a ten-day low earlier in the day.

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ATOM/USD fell to a bottom of $9.52 on Thursday, before bulls reentered the market and bought the recent dip.

Today’s bottom saw cosmos trade at its lowest level since November 28, which was the last time the token hit its floor at $9.45.

ATOM/USD – Daily Chart

As of writing, ATOM has mostly rebounded, and is currently trading at the $9.71 level.

In addition to this, the RSI has bounced from a floor of its own at 39.50, and is currently tracking at 41.40.

Should momentum continue in an upward direction, ATOM bulls will likely target a move above the $10.00 mark.

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Do you expect cosmos to move above $10.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Cosmos buyers can enter at these levels as ATOM forms a bullish divergence

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Cosmos buyers can enter at these levels as ATOM forms a bullish divergence

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • A bullish divergence was spotted but it could take a while to play out
  • Investors would have a keen eye on the 78.6% retracement level 

The Cosmos network saw a spike in development activity earlier this month, and this has been a trend for Cosmos in the past nine months. Despite the bear market, the developers were going strong, and projects such as Osmosis could be important for the chain in the long term.


Read Cosmos [ATOM]’s Price Prediction 2023-24


Despite the positive activity on the dev front, the price action was not particularly inspiring. It had a bearish outlook to it but indicators showed steady buying pressure despite the downtrend. This implied that the recovery of ATOM could be strong, should the market sentiment take a bullish shift.

Buying volume is on the rise even though ATOM declined in price

Source: ATOM/USDT on TradingView

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Based on the move upward from mid-June to September, a set of Fibonacci retracement levels (yellow) was plotted. It showed the 61.8% and 78.6% retracement levels to lie at $10 and $8.04 respectively.

Earlier this month, the $10 level acted as support, but the bearish momentum saw this level broken. ATOM was able to register a bounce from $8.73, another horizontal level of significance. Yet, the market structure remained bearish. The Relative Strength Index (RSI) was also beneath neutral 50 to highlight bearish momentum was present.

If ATOM has been in a pullback since September, then the 61.8% and 78.6% are logical places where longer-term buyers would enter the market. A continuation of the previous uptrend can occur if Cosmos buyers can defend the $8 region. To support this idea, the On-Balance Volume (OBV) formed a series of higher lows since October. In the same period the price made a series of lower lows. This was a bullish divergence.

However, a divergence need not imply an immediate reversal. A test of the $8 level, if it materialized, could take weeks, but would offer a good buying opportunity, with a low risk and high reward for buyers.

Social volume declines while sentiment remains negative

Santiment data showed social volume to be on decline throughout November, as the metric formed a series of lower highs. Meanwhile, the weighted sentiment was in negative territory throughout the time ATOM descended from $14 to $8.73.

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Development activity soared earlier this month but at press time was in a downtrend. If we looked further back in time, the development activity has steadily risen since February 2022. This would give long-term investors some hope.

For lower timeframe traders, the funding rate went into negative territory on multiple exchanges in the past couple of days. Shorter-term price charts showed $10-$10.25 to be an important zone of resistance as well.

For higher timeframe investors, a revisit to the $8-$8.5 region could present a long-term buying opportunity. A session close beneath $8-$7.8 could indicate further losses to follow.

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Cosmos (ATOM) Rallies With Over 10% Gain As Indicator Shows Not In Safe Zone

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Cosmos (ATOM) Rallies With Over 10% Gain As Indicator Shows Not In Safe Zone

  • ATOM’s price shows strength as price bounces off from a weekly low of $8.5 giving bulls some relief. 
  • ATOM’s price continues to look bearish as more sentiment for the market lingers, with things looking uncertain for most traders and investors. 
  • ATOM’s price rallies high on the daily timeframe as the price moves toward the 50 Exponential Moving Averages (EMA) price, looking less likely to break higher.

The price action displayed by Cosmos (ATOM) recently hasn’t been motivating after prices declined from a region of $27 to a weekly low of $8.5. With many looking for a major dump in Bitcoin (BTC) price, the price of Bitcoin (BTC) bounced from $15,500 as price rallied to a high of $16,500, leaving bears on the sidelines as the price of Comos (ATOM) gains some relief bounces to hold strong above key support. The price action displayed by Cosmos (ATOM) and many altcoins recently have been problematic as many altcoins battle for survival. The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a major move after previous weeks. (Data from Binance)

Cosmos (ATOM) Price Analysis On The Weekly Chart

Most crypto traders and investors have had a rough few days, with many concerned about where the market is headed after so much turbulence in the crypto space. Many altcoins have struggled to show strength, losing key support in a bid to survive.

The current market uncertainty has caused traders and investors to be hesitant to purchase altcoins, as there is no guarantee that they will rise in value any time soon.

The price of ATOM on the weekly chart has struggled despite the market uncertainty that has affected major crypto projects that have continued to build in this bear market, and more FUD (fear of uncertainty and doubt) persists. ATOM saw its price traded in a region of $17 on the weekly chart, but the price was rejected as ATOM’s price declined to a region of $8.5, bouncing off this region to trade at $9.5 with a small relief from the market.  

Weekly resistance for the price of ATOM – $10.

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Weekly support for the price of ATOM – $8.5.

Price Analysis Of ATOM On The Daily (1D) Chart

Daily ATOM Price Chart | Source: ATOMUSDT On Tradingview.com

The price of ATOM remains considerably weak in the daily timeframe as the price trades above $8.5 support after the price was rejected from a high of $17.

ATOM’s price trades at $9.8 below its 50 and 200 EMA, acting as resistance for the price of ATOM. The price of $11.5 and $13.8 corresponds to the prices at these levels, acting as resistance. 

If the price of ATOM breaks and holds above $11.5, we could see more rallies for the ATOM price to a region of $13; a break below a region of $8.5 would send the price back to a region of $5. 

Daily resistance for the ATOM price – $11.5.

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Daily support for the ATOM price – $8.5-$6.

Featured Image From zipmex, Charts From Tradingview 

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