- ATOM price is showing strength as it bounced off the weekly low of $8.5, offering some respite for the bulls.
- With things looking uncertain for most traders and investors, the ATOM price is looking bearish as the sentiment for the market is more bearish.
- The ATOM price moved higher on the daily time frame as the price moved towards the 50 exponential moving average (EMA) price, making it appear less likely to break higher.
The price action shown by Cosmos (ATOM) has recently been uninspired after the price fell from the $27 area to the weekly low of $8.5. The jump from $15,500 to a high of $16,500 in bitcoin (BTC) price has brought some relief as many look for a larger downward move in COMOS (ATOM) price. The key is to stay strong above the support. The price action of Cosmos (ATOM) and many altcoins has been problematic lately as many altcoins struggle to survive. The domino effect of the FTX saga and other major investors involved has brought the market to a halt as the market has not made any major moves after the past few weeks. (Data from Binance)
Cosmos (ATOM) price analysis on the weekly chart
While most crypto traders and investors have had a rough few days, many are concerned about where the market is going after so much turbulence in the crypto space. Many altcoins have struggled to show strength and lose key supports to stay alive.
The current market uncertainty has made traders and investors hesitant to buy altcoins, as there is no guarantee that they will increase in value anytime soon.
The ATOM price on the weekly chart is struggling despite market uncertainty affecting major crypto projects that continue to grow in this bear market, leaving more FUD (Fear of Uncertainty and Doubt). ATOM saw its price trading in the $17 area on the weekly chart but the price was rejected as the ATOM price dropped to the $8.5 area, with a slight break in the market, it bounced from this area to to trade at $9.5.
Weekly resistance for the price of ATOM – $10.
Weekly support for the price of ATOM – $8.5.
ATOM price analysis on the daily (1D) chart
ATOM price remains quite weak in the daily time frame as it trades above the $8.5 support level after rejecting from the $17 high.
ATOM price is trading below the 50 and 200 EMA at $9.8 which acts as a resistance to ATOM price. The $11.5 and $13.8 levels corresponded to these levels and acted as resistance.
If the ATOM price breaks out and stays above USD 11.5, we could see a further increase in the ATOM price towards the USD 13 area; A break below the $8.5 area would send the price back to the $5 area.
Daily Resistance For ATOM Price – $11.5.
Daily support for ATOM price – $8.5-$6.
Featured image of Zipmex, chart from Tradingview