Cosmos (ATOM) rebounded from the strong support at $20 on Feb. 24. This indicates that traders are attempting to keep the $20 to $45 range intact. The price rose above the 20-day EMA ($27) on Feb. 26 and the bulls are attempting to sustain the ATOM/USDT pair above this level. The 20-day EMA is flattening out and the RSI is just above the midpoint, indicating that bulls are attempting a comeback. If bulls drive and sustain the price above the 50-day simple moving average ($31), the pair could rally to $37. Contrary to this assumption, if the price turns down and slips below the 20-day EMA, it will suggest that bears are defending the overhead resistance at the 50-day SMA. The pair could then drop to $24. The bulls have pushed the price above the moving averages and the downtrend line on the 4-hour chart. The 20-EMA has started to turn up and the RSI is in the positive territory, indicating that bulls have the upper hand. If the pair sustains above the downtrend line, the bulls will attempt to clear the barrier at $31 and push the price to $34. Contrary to this assumption, if the price turns down and slips below the 20-EMA, the pair may drop to the 50-SMA.
January 1, 2022
Cosmos (ATOM) broke and closed above the overhead resistance at $34 on Jan. 1. The moving averages have completed a bullish crossover, indicating that bulls have the upper hand. If the price sustains above $34, the bullish momentum could pick up further and the ATOM/USDT pair could rise to $38 and later to $43.28. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls are in control. Contrary to this assumption, if the price breaks and closes below $34, it will suggest that bears are attempting to trap the aggressive bulls. The pair could then drop to the 20-day EMA ($28). If the price rebounds off this level, the bulls will make one more attempt to clear the overhead hurdle but if the pair breaks below the moving averages, the decline could extend to $25. Both moving averages are sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. If the price rebounds off the 20-EMA, it will signal that sentiment remains positive and traders are buying on dips.
The up-move could resume on a break and close above $37. Conversely, if bears pull the price below the 20-EMA, it may lead to profit-booking from short-term traders. That may pull the price down to the 50-SMA.
October 2, 2021
Cosmos (ATOM) successfully held the breakout level at $32.32 on Sep. 29, which suggests that sentiment remains positive and bulls are buying on dips. The bulls pushed the price above the 20-day EMA ($35.88) on Sept. 30 but the momentum has failed to pick up. This suggests that bears have not thrown in the towel yet and are selling on rallies. The bulls will have to thrust and sustain the price above $44.80 to signal the resumption of the uptrend. The long wick on today’s candlestick suggests selling at higher levels. If the price turns down from the current level and breaks below the 20-day EMA, the bears will make one more attempt to sink the price below $32.32. If they succeed, the ATOM/USDT pair could drop to the 50-day SMA ($28.54). The pair turned down from the resistance line of the symmetrical triangle, indicating that bears are defending this level aggressively. If the price rebounds off the moving averages, the bulls will make one more attempt to push the price above the triangle. If they succeed, the pair could rally to $44.80 and then to the psychological level at $50. A break and close above this level could open the doors for an up-move toward the pattern target at $57.61. On the contrary, if the price slips below the moving averages, the next stop could be the support line. If this level cracks, the pair could drop to $28.83 and then to $24.50.
September 13, 2021
Cosmos (ATOM) bounced off the breakout level at $17.56 on Sep. 7, suggesting that bulls are aggressively defending this support. This was the second instance that bulls successfully held this level, the previous one was on Aug. 26 and 27. The long tail on Sep. 8 showed that sentiment was turning positive and traders were buying on dips. The moving averages have completed a golden cross, indicating that bulls are back in the driver’s seat. Strong buying today has pushed the price above the overhead resistance at $32.32. If bulls sustain the breakout, the ATOM/USDT pair may rally to $39.43. The bears are likely to have other plans. They will try to pull the price back below $32.32 and trap the aggressive bulls. If they succeed, the pair may drop to $26. A break below this level will suggest that the bullish momentum has weakened. The 4-hour chart shows that bears sold the breakout above $32.32 but they could not sustain the pair below $32. This suggests that bulls continue to buy on every minor dip. If bulls sustain the price above $32.32, the pair could rally to $38.49. Conversely, if bears again pull the price below $32.32, the pair could drop to $30.98. If the price rebounds off this level, the bulls will attempt to resume the uptrend but if the support cracks, the decline could extend to the critical support at $26.
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