Cosmos price analysis: ATOM trades near the $42 level, will the bulls rally?


TL;DR Breakdown

  • Cosmos price analysis is bullish for today.
  • ATOM/USD rose to $42 and corrected a decimal lower.
  • ATOM saw retracement to the $30 region later after the spike

For today, the Cosmos price analysis is positive because both a higher high and low were established in the previous 24 hours. As long as the $30 support holds, we anticipate ATOM/USD to decline and rise towards greater heights.

Cosmos price analysis: ATOM trades near the $42 level, will the bulls rally? 1
Cryptocurrency heat map. Source: Coin360

Over the last 24 hours, the cryptocurrency market has been trading in the green zone, with buyers seizing control of the momentum overnight. Bitcoin is now up 2.22 percent from yesterday’s price, while Ethereum is up 1.8 percent. Solana (SOL) is one of the worst losers, down 8.42% since then.

ATOM/USD is up 3.4% from yesterday’s price, currently trading at $37.34 according to CoinMarketCap. The highest value was reached immediately after the release of the article, as demand for the altcoin continues to surge ahead. In fact, Cosmos experienced a spike just after the release of our last Cosmos price analysis.

Cosmos has managed to record a double-digit growth against USD in the past 24 hours, while the growth of other major coins such as Bitcoin and Ethereum reached 2.2% and 1.8%, respectively.

At this moment, ATOM/USD is experiencing strong volatility, with a clear downward

Cosmos price movement in the last 24 hours: Cosmos retraces to $42

The price of ATOM/USD moved in a range of $30.25 to $37 throughout the day, which shows significant volatility during the previous 24 hours. Trading volume has dropped by 128.12 percent and is now worth $2.69 billion, putting the coin in 26th position among cryptocurrencies with a market capitalization of $7.

ATOM/USD 4-hour chart: ATOM prepares for another rally?

On the 4-hour Cosmos price analysis chart, the ATOM/USD appears to be closing bullish in preparation for further gains over the next 24 hours.

Cosmos price analysis: ATOM trades near the $42 level, will the bulls rally? 2
ATOM/USD 4-hour chart. Source: TradingView

Today is a good day to buy as Cosmos’ price prediction is bullish, with a slightly higher low set over the last 24 hours. Overall, ATOM/USD has increased more than 100% in the past month, after reaching a new swing low of $15 on July 20th.

Since the prior major swing high of $34 was broken earlier this month, the overall market structure has reverted to being bullish, and we may expect a lot more upside after yesterday’s high of $37.

However, after a tremendous rise early yesterday, the buyers were exhausted and unable to see much further upside above $30. From this position, we should witness a rally higher over the next 24 hours, with the $36 resistance as the next target.

Cosmos Price Analysis: Conclusion 

After a four-day downtrend, the Cosmos price is now up by more than 24%. As a result of Friday’s earnings report from AT&T (T), which beat expectations on both top and bottom line, prices have rallied today. Today’s price analysis is positive for traders as a somewhat higher low was established overnight after a brief spike higher

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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