-AD-
HomeNewsATOM's Resilience: Cosmos (ATOM) Aims for $13 Amidst Market Volatility

ATOM’s Resilience: Cosmos (ATOM) Aims for $13 Amidst Market Volatility

- Advertisement -
  • ATOM’s price demonstrates resilience with a potential target of $13, despite the broader market’s volatility.
  • Network activity and trading indicators suggest a bullish outlook for Cosmos, with key resistance levels in focus.

In the ever-fluctuating realm of cryptocurrency, Cosmos (ATOM) has exhibited a noteworthy resilience. The period from December 12th to 18th saw ATOM’s value retract by over 17%, subsequently revisiting its support level at $10.3. However, this setback was short-lived, as prices rebounded swiftly, signaling a market predominantly controlled by buyers.

A recent analysis underscores a peculiar contrast: Cosmos’ network activity has dipped, yet its prices have ascended. This could raise eyebrows among ATOM holders, suggesting a complex interplay between market forces and investor sentiment. Turning to social media, a tweet from Cosmos Daily reveals an intriguing insight:

This highlights the engagement and activity within the Cosmos ecosystem, underscoring its vibrant community despite the broader market’s uncertainty. Chart analysis further substantiates the bullish sentiment surrounding ATOM. The one-day chart reveals a bullish market structure, with a recent test of the $12.41 resistance followed by a rebound from the $10.3 retracement level.

The bearish order block between $12.4 and $12.95, although a formidable barrier, hasn’t deterred the ATOM bulls. Indicators like the Relative Strength Index (RSI) standing at 62, coupled with an upward-trending On-Balance Volume (OBV) since November, paint a picture of robust upward momentum.

Short-Term Outlook and Swing Trading Opportunities

The short-term trajectory for ATOM appears promising. A move to $12.6 seems likely, considering the recent market dynamics. Bitcoin’s (BTC) price movements have also influenced ATOM, with a recent dip in BTC prices affecting ATOM to some extent. Yet, ATOM’s resilience in the face of these external pressures is notable. The liquidation levels between $12.3 and $12.65 indicate significant activity, suggesting a potential rise to $12.6 in the near term.

For swing traders, a keen eye on the market could unveil lucrative opportunities. A breakthrough past $12.9 and a subsequent retest of the bearish order block might present an attractive entry point, targeting higher levels of $13.4 and even $15.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES