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Cosmos Price Analysis: ATOM swiftly spikes to a new all-time high at $41.5 overnight, continuation today?

Cosmos Price analysis

TL;DR Breakdown

  • Cosmos price analysis is bullish for today.
  • ATOM/USD established a new all-time high at $41.5 overnight.
  • Retracement to retest previous resistance seen earlier today.

Cosmos price analysis is bullish for today as the market has set a new all-time high and currently has seen a slight retracement to the $38 previous resistance. Therefore, as long as the $38 mark holds, we expect ATOM/USD to continue higher over the next 24 hours.

Cosmos Price Analysis: ATOM swiftly spikes to a new all-time high at $41.5 overnight, continuation today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 1.05 and 3.14 percent, respectively. Meanwhile, Cosmos (ATOM) is the best performer, with a gain of 8.4 percent.

Cosmos price movement in the last 24 hours: Cosmos sets a new all-time high at $41.5 overnight

ATOM/USD traded in a range of $35.59 – $41.34, indicating strong volatility over the last 24 hours. Trading volume has spiked by 78 percent and totals $2.55 billion, while the total market capitalization trades around $8.78 billion, ranking the coin in 23rd place overall.

ATOM/USD 4-hour chart: ATOM pauses before further upside?

On the 4-hour chart, we can see a small retracement for ATOM as the previous high of $38 gets retested.

Cosmos Price Analysis: ATOM spikes to a new all-time high at $41.5 overnight, continuation today?
ATOM/USD 4-hour chart. Source: TradingView

Cosmos price action has seen strong bullish momentum over the past weeks. After a strong spike lower on the 7th of September, a new major swing low was set around $18.

From there, ATOM/USD started to gain momentum rapidly and set several new higher highs until the previous all-time high of $32.5 was broken on the 12th of September. Further upside continued until the $38 mark was reached.

This week, ATOM/USD saw a retracement to the previous all-time high support of $32.5, with several days of consolidation around the price area. The Cosmos price saw another move higher on Thursday, setting a lower high as bulls were not yet ready to push further.

However, after another retest of the $32.5 significant support on Friday, ATOM finally pushed higher and set a new all-time high at $41.5 overnight.

Cosmos Price Analysis: Conclusion 

Cosmos price analysis is bullish as the market has set a new all-time high at $41.5 overnight, and currently, a small retracement has been set. Therefore, we should see ATOM/USD rally higher and set further highs as long as we don’t see further downside.

While waiting for Cosmos to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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