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Cosmos Price Analysis: Amid Higher-low Trend ATOM Breached 200-DMA, Bullish Trend? 

Cosmos Price Analysis: Amid Higher-low Trend ATOM Breached 200-DMA, Bullish Trend? 

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  • Cosmos Coin (ATOM) started a downward movement after finishing its correction phase.
  • Last night, buyers managed to keep ATOM’s price above the 200-day EMA.
  • Sellers expect to drop ATOM coins near the $20 level in the next round.

Cosmos Coin (ATOM) just exited its price correction phase and returned to the upside. After the recent lows, the cryptocurrency has outperformed, with price action building a high-low pattern on every time frame, hourly or higher. During the 2022 price decline, the bulls saw a yearly low of $5.55, which turned into a critical protection zone for the bulls.

Buyers have already made over 200% returns due to the high-low trend of the last few weeks. Buyers stocked up on ATOM coins in the fall before the rise. As a result, the rising trend line (white) has turned into a pumping zone. ATOM’s price hit a 4-month high of $17.19 last week, acting as an upside barrier after a price decline.

Over the past 10 days, buyers have successfully pushed the ATOM price out of the price correction phase. Later, the bulls will again try to close the weekly close on the green, the weekly candle is currently up 3.5%. Meanwhile, at the time of writing, the ATOM token is trading against the USDT pair at $16.2.

Trading volumes also increased with the upward trend. As a result, buyers successfully managed to control the ATOM price above the 200-day EMA on the daily price scale last night. Sellers expect ATOM coin to fall near the $20 resistance level of the next round, on the contrary, the $13.5 mark acted as an immediate support.

Bears have a selling zone at the $20 level

On the daily time frame, the RSI indicator is moving above the rising trend line. The RSI is bullish because its peak is above the halfway line. Likewise, the MACD is unstoppable and moving higher.

Conclusion

Cosmos (ATOM) price is retesting the $17.2 resistance level for a rally higher. In particular, buyers managed to keep the price above key moving averages and breached the 200 DMA last night. Above immediate resistance, buyers are likely to struggle with the $20 level.

Support levels – $13.5 and $10

Resistance levels – $17.2 and $20

Disclaimer

The views and opinions expressed by the author or people named in this article are for information only. They do not provide financial, investment or other advice. Investing or trading in crypto-assets involves the risk of financial losses.

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Source: https://www.thecoinrepublic.com/2022/09/17/cosmos-price-analysis-amid-higher-low-trend-atom-breached-200-dma-bullish-trend/

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