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Cosmos price analysis

Cosmos Price Analysis: ATOM/USD is expected to spike to $40 in the course of the week

TL;DR Breakdown

  • Cosmos price analysis is bullish.
  • ATOM/USD is trading $36.
  • Slightly higher low set.

The current Cosmos price analysis is optimistic, as a higher low has been established during the past 24 hours following another test of prior lows. As a result, we expect ATOM/USD to rise even more over the next 24 hours.

The current Cosmos price analysis is optimistic, as a higher low has been established during the past 24 hours following another test of prior lows. As a result, we expect ATOM/USD to rise even more over the next 24 hours.

ATOM/USD 4-hour chart: ATOM looks to reverse from $36 support

On the hourly chart, we can see that the Cosmos price is resisting further decline, which might lead to a reversal in the coming 24 hours. A slight upwards sloping trend line is being formed, which will serve as a resistance if the price attempts to move above it.

On the 4-hour chart, we can see that the price has been moving in a channel, following an ascending wedge which probably represents a breakout pattern. If the current upward sloping trend line is broken at around $36, we might see a breakout of the channel and a move upwards to $38. If this move occurs, it will most likely be made in a straight line.

Cosmos price movement over the past 24 hours: ATOM fails to break out of the downward channel

On the daily chart, we can see that ATOM/USD is still stuck in a descending channel that was initially formed in August. We have seen it rise slightly during today’s trading session but have so far failed to break out of its wedge.

The support at $30 continues to be tested, with yesterday’s low being $30.25 before further downside was rejected, with the price hovering around $30 since. The main support is now sitting at $32 but this level has not been tested yet.

Cosmos Price Analysis: ATOM/USD is expected to spike to $40 in the course of the week 1
ATOM/USD 4-hour chart. Source: TradingView

On Friday, October 26th, the price of ATOM/USD reached a high of $43.50 after passing through several resistance levels. Last week, Cosmos market momentum was excellent. After establishing a higher low at $34 on the 26th of October, a strong spike followed on the 26th of October, propelling ATOM/USD.

The market has been following a descending channel since the beginning of October, which is now fairly close to hitting support at $36. Thus, we believe that $36 will remain strong enough to prevent further downside in Cosmos price movement.

The break above $47 was followed by a corrective decline, which dropped more than 15% to the $36 mark. The next reaction higher peaked at $41, establishing a clear lower low. ATOM/USD subsequently created a lower low at $35 before recovering and consolidating above $46.

We’ve just witnessed another test of downside. The Cosmos price action has rejected a deeper low at the $36 support, suggesting that we will see further appreciation later today. Later today, we may expect additional gains as another low is established, most likely followed by additional rises throughout the week

Cosmos Price Analysis: Conclusion 

The Cosmos price is now exhibiting a bullish bias, as a slightly higher low was established following the downside rejection earlier today. As a result, we anticipate ATOM/USD to recover and rise overnight.

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.