What to know:
- ATOM is showing early signs of a bullish reversal after stabilizing near key support levels.
- Technical indicators like MACD and RSI suggest upward momentum may be building for ATOM.
- Short-term resistance levels at $2.80, $5.50, and $8.00 could serve as potential profit-taking points.
Cosmos (ATOM) is moving in a downward direction after reaching the $2.02 mark in the recent trading sessions. The ATOM price has declined by 2.29% over the last 24 hours, but it has surged by 4.26% over the last week.
According to CoinMarketCap, ATOM is trading at $1.90, with a trading volume of $56.28 million, down by 8.05% over the last 24 hours. Furthermore, its market capitalization stands at $948.31 million, which has declined by 2.3%.
Source: CoinMarketCap
Also Read: Cosmos (ATOM) Signals Bullish Reversal as Resistance Levels Gain Attention
ATOM Eyes $14.50 Targets After Stabilizing at Support
Cosmos (ATOM) is holding strong at the lower boundary of its long-term descending channel on the weekly chart as of Wednesday, March 18.
According to the crypto analyst Jonathan Carter, the price is respecting a key support zone, with early signs of a reversal emerging.
Traders are watching closely, as a confirmed bounce could signal renewed bullish momentum and a potential recovery in market sentiment.
Source: Jonathan Carter’s X Post
If the bounce continues, ATOM could be targeting $2.80, then $5.50, $8.00, $10.50, and $14.50 in successive moves. These are resistance levels and Fibonacci retracement levels where the price could be considered to take profits.
Combining this with the fundamentals of Cosmos’ blockchain technology, one could say that the outlook seems cautiously optimistic.
ATOM Technical Outlook Shows Cautious Optimism
According to TradingView, ATOM marks a change in trend from a bearish drift to a period of consolidation. The price has touched a local low at $1.72 before moving to test the 20-day SMA at $1.84.
The Bollinger Bands are tightening significantly, preparing the token for a volatility squeeze that may eventually trigger the next significant move.
Source: TradingView
The technical oscillators indicate a neutral-to-bullish rebound. The relative strength index is at 48.99, indicating that the market is balanced with no indication of any selling pressure.
Meanwhile, the MACD has also indicated a bullish crossover, with a series of rising green bars on the histogram, indicating that buying momentum is building up. For a reversal, a close above the resistance level of $1.96 is required.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Cosmos (ATOM) Price Surges: Bulls Target $2.87 After Breaking Resistance
Be the first to comment