- Cosmos price analysis is bullish.
- ATOM/USD still holds above $36 support.
- Slightly higher low set.
Cosmos price analysis is bullish today as a higher low has been set over the last 24 hours after another test of previous lows. Therefore, we expect ATOM/USD to continue higher over the next 24 hours.
Meanwhile, the overall cryptocurrency market is trading bearishly with most coins recording losses of up to 5%. Binance Coin, Solana, and Vechain are among the only few gainers on the one-day chart. Market leaders Bitcoin and Ethereum lost 0.72 and 0.34 percent respectively.
Cosmos price movement in the last 24 hours: Cosmos tests $26 support again, further downside rejected
ATOM/USD was relatively stable during the early part of Friday’s trading, with prices ranging from $36.66 to $38.95. The coin has been volatile since earlier in the week, with swings of more than 30 percent reported on some exchanges. Volume rose by 7.72 percent and traded approximately $640 million worth of ATOM during the past 24 hours.
ATOM/USD 4-hour chart: ATOM looks to reverse from $36 support
On the 4-hour chart, the Cosmos price action has rebounded, possibly resulting in a reversal over the next 24 hours.
ATOM/USD 4-hour chart. Source: TradingView
The value of the Cosmos token (ATOM) soared last week, after showing significant gains in recent days. On October 26th, ATOM/USD posted a strong higher high at $43.5 following a better low around $34.
The price tapered off to a low of $36, where it was followed by a decline of more than 15%. A new reaction peak was established at $41, forming a solid lower low. After that, ATOM/USD formed a lower low at $35 before resuming its advance and consolidating.
We’ve just witnessed another attempt at the downside. By establishing a somewhat higher low at $36, the Cosmos price movement has repelled further declines and is now in an upswing. Later today, we should witness additional gains as a new lower high is established.
Cosmos Price Analysis: Conclusion
Another attempt to the downside has failed. The Cosmos price movement has repelled further decreases by establishing a somewhat higher low at $36.1, and it is now in an upswing. Later today, we should see additional gains as a new lower high is formed.