ATOM: Assessing The Chances Of A Long-term Downtrend Prevailing » CRYPTO KINGDOM

ATOM: Assessing the chances of a long-term downtrend prevailing

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the opinion of the author.

Bitcoin [BTC] climbed previous the $20k mark, however even on the time of writing, the worth dipped again to $19.9k. This highlighted how essential a resistance of $20.2k-$20.8k was for BTC. Cosmos [ATOM], like many different altcoins, has a behavior of climbing increased on the charts alongside Bitcoin. Due to this fact, any weak spot from the king would possible be mirrored within the worth motion of ATOM itself.

ATOM- 12-Hour Chart

Cosmos: Atom At A Crucial Resistance, Will The Long-Term Downtrend Prevail?

Supply: ATOM/USDT on TradingView

On the 12-hour chart, it may be seen that the previous two months of buying and selling have been a part of a gentle downtrend. Although ATOM managed to bounce from $5.55, the longer-term pattern remained unchallenged.

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So as to flip the bias from bearish to bullish, the worth must climb previous $10 and retest the $9.5 space as a requirement zone. The Relative Energy Index (RSI) was above impartial 50 to point out that the previous few weeks had some bullish momentum.

The On-Steadiness Quantity (OBV) had additionally crossed above resistance from mid-Could and instructed that demand was behind the rally from the $6 zone.

ATOM- 4-Hour Chart

Cosmos: Atom At A Crucial Resistance, Will The Long-Term Downtrend Prevail?

Supply: ATOM/USDT on TradingView

On the four-hour chart, the whole space from $8.7-$9.5 has seen vital buying and selling exercise early in June. This demarcated this space as a zone of provide the place sellers would possible be robust.

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On the identical time, the previous three weeks have seen ATOM type a sequence of upper lows and better highs on the worth charts, suggesting a bullish transfer. But, would this provoke an uptrend, or was this a pullback earlier than one other slide downward for ATOM?

The upper timeframe charts confirmed that ATOM would want to climb above $10 and $12.4 to flip the bias from bearish to bullish. Within the meantime, bulls would need to see the $8.6 space (cyan field) defended, and can be anticipating a transfer towards the $9.5 mark.

Cosmos: Atom At A Crucial Resistance, Will The Long-Term Downtrend Prevail?

Supply: ATOM/USDT on TradingView

Bullish market members can discover the worth charts encouraging. The RSI backed up their bullish notion, and was properly above the impartial 50 and confirmed an uptrend in progress prior to now week. Nevertheless, although the worth made the next excessive above $8.6, the OBV was unable to push increased.

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In truth, the OBV remained flat over the previous week, as did the Chaikin Cash Movement (CMF). This instructed a scarcity of shopping for strain behind ATOM’s rally.

Conclusion

Cosmos has seen consumers prior to now few weeks, however they seem like preventing an uphill battle. The $8.6 space introduced a lovely, comparatively low-risk alternative to purchase Cosmos. A stop-loss beneath $8.4 might be set, and a retest of the demand zone generally is a shopping for alternative.

But, the volatility of Bitcoin might catch merchants unawares, and cautious place sizing can be key to threat administration.


Disclaimer :- Investing in bitcoin and different preliminary coin choices (ICOs) is extremely dangerous and speculative. Because every particular person’s scenario is exclusive, a certified skilled ought to at all times be consulted earlier than making any monetary choices. The Crypto Kingdom makes no representations or warranties as to the accuracy or timeliness of the knowledge contained herein.

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Disclaimer :- Investing in bitcoin and different preliminary coin choices (ICOs) is extremely dangerous and speculative. Because every particular person’s scenario is exclusive, a certified skilled ought to at all times be consulted earlier than making any monetary choices. The Crypto Kingdom makes no representations or warranties as to the accuracy or timeliness of the knowledge contained herein.

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