Cosmos Price Analysis: ATOM made it out of the Falling Wedge, What’s next?

Cosmos Price Analysis: ATOM made it out of the Falling Wedge, What's next?


  • Cosmos price has successfully escaped the falling wedge pattern over the daily price chart.
  • ATOM crypto has recovered above 20 EMA and is trying for 50, 100, and 200-days Daily Moving Average.
  • The pair of ATOM/BTC is at 0.0004313 BTC with an intraday gain of 4.13%.

The collapsing wedge formation over the daily price chart must be broken by the cosmos price. To get out of the falling wedge pattern, the token needs to draw in more buyers. A falling wedge formation is about to form on ATOM Coin, which is attempting to build up bulls to signal its breakout. However, the accumulation doesn’t appear to be on target as the token is still unable to assemble enough bullish forces to complete its breakout. Investors in ATOM must wait until the token is ready to break out of its downward pattern. ATOm has successfully escaped the pattern and is now consolidating to sustain itself.

The current estimated price of Cosmos is $8.88, and during the past day, the cryptocurrency’s market capitalization increased by 0.97 percent. However, the intraday trading session saw a 22.65% decline in trade volume. This demonstrates that the token is being pulled back inside the falling wedge formation by the bears. The volume to market cap ratio is 0.13.

To break out of the falling wedge pattern over the daily price chart, the ATOM coin price has to draw a sizable number of buyers. However, the token is currently in trouble at the point where the falling wedge pattern begins. The token’s decline inside the falling wedge pattern is demonstrated by the gradually dropping volume change. To maintain at the top trendline, ATOM coin accumulation is required. Short-sellers, however, can stop the uptrend’s momentum and allow the coin to continue falling from its current level. ATOM crypto has recovered above 20 EMA and is trying for 50, 100, and 200-days Daily Moving Average.

What do technical Indicators suggest about ATOM?

ATOM coin price has broken out of the falling wedge pattern and is now trying to sustain the falling pattern. Bulls must gather together to sustain ATOm above the falling wedge pattern. Technical indicators suggest the consolidation phase of ATOM coin.

The relative Strength Index showcases the sideways momentum of the ATOM coin. RSI is at 55 and is just above the neutrality. MACD exhibits the uptrend momentum of the ATOM coin. The MACD line is ahead of the signal line and is about to enter the positive zone.

Conclusion

The collapsing wedge formation over the daily price chart must be broken by the cosmos price. To get out of the falling wedge pattern, the token needs to draw in more buyers. A falling wedge formation is about to form on ATOM Coin, which is attempting to build up bulls to signal its breakout. However, the accumulation doesn’t appear to be on target as the token is still unable to assemble enough bullish forces to complete its breakout. To maintain at the top trendline, ATOM coin accumulation is required. Short-sellers, however, can stop the uptrend’s momentum and allow the coin to continue falling from its current level. Technical indicators suggest the consolidation phase of ATOM coin. The MACD line is ahead of the signal line and is about to enter the positive zone.

Technical Levels

Support Levels: $8.09 and $6.00

Resistance Levels: $9.80 and $12.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.



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