TA- Cosmos Could Be Set For A Wild Rally Ahead Of Crucial Breakout
08 Agosto 2022 - 7:09PM
NEWSBTC
The price of Cosmos (ATOM) could be set for a wild rally with a
potential breakout against Tether (USDT) ahead of summer relief for
altcoins. Ethereum price saw a relief bounce from $1,600 to
$1,800 ahead of merge sentiments leading to other altcoins like
Cosmos breaking out in price. (Data feeds from Binance) Related
Reading: TA- Ethereum Price struggles To Breakout – Eyes $2,000
Price Analysis Of ATOM On The Weekly Chart From the chart, the
price of ATOM saw a weekly low of around $6.5, which bounced from
that range and rallied to $11.3. The price has built more momentum
as it faces resistance at $17. If the price of ATOM on the weekly
chart continues with this bullish structure, it could quickly hit
the $17 mark. The volume shows decent buy bids, pushing the price
of ATOM higher. Weekly resistance for the price of ATOM – $17.
Weekly support for the price of ATOM – $6.5. Price Analysis Of ATOM
On The Daily (1D) Chart The price of ATOM found strong support at
around $6.2, with what seems to be an area of interest on the daily
chart. ATOM bounced from its support, forming a bullish trendline
that acts as a support and has continued to maintain this
structure. At the point of writing, the price of ATOM is at
$12, trading above the 50 exponential moving averages (EMA), which
corresponds to the support at $10. If the 50 EMA region fails
to hold the price, $9 would be a good support to hold sell-offs and
for a possible price bounce. With more buy bids, we could see the
price of ATOM retesting at $16 -$17, which has been resistance on
the daily chart. The RSI for ATOM price on the daily chart is 65,
indicating healthy buy bids for ATOM. The volume for ATOM looks
good, indicating positive signs for ATOM prices to trend higher.
Daily (1D) resistance for ATOM price – $17. Daily (1D)
support for ATOM price – $10, $9. Price Analysis Of ATOM On The
Four-Hourly (4H) Chart The price of ATOM has shown a bullish
breakout from a symmetric triangle on the 4H chart, with the price
closing above it. ATOM has struggled in this region, forming a
range in a triangle with price rejecting from $11.5. ATOM price is
$12, trading above the 50 & 200 EMA with prices of $10.7 and
$10 on the 4H chart. These prices would act as support areas for
ATOM on the 4H chart. Four Hourly (4H) resistance for ATOM
price – $16. Four hourly (4h) support for ATOM price – $10.7, $10.
A break below these support zones could send the price of
ATOM to a region of $9, acting as a good support area. Related
Reading: TA: Bitcoin Price Could Rally If There Is A Close Above
This Key Resistance Featured image from NewsBTC, Charts from
TradingView.com
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