- Cosmos price analysis is bullish.
- ATOM/USD still holds above $36 support.
- Slightly higher low set.
The price of Cosmos is increasing today, as a higher low has been established over the past 24 hours following another test of prior lows. As a result, ATOM/USD will most likely continue to rise in the next 24 hours.
Cryptocurrency heat map. Source: Coin360
According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 3.17% and 4.65% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 5%.
Cosmos price movement in the last 24 hours: Cosmos tests $26 support again, further downside rejected
The price of ATOM/USD has been between $35.66 and $37.95 for the past 24 hours, displaying significant volatility during that time period. Trading volume has risen by 7.72 percent and stands at $640 million, putting the market cap at around $8.14 billion; as a result, the coin is positioned in the #56 spot in CoinMarketCap’s market capitalization ratings.
ATOM/USD 4-hour chart: ATOM looks to reverse from $36 support
In the 4-hour chart, we may observe the Cosmos price action rebuffing additional declines, suggesting a bounce over the next 24 hours.
Last week, Cosmos price action saw a significant advance. After establishing a higher low at $34, a strong surge occurred on the 26th of October, vaulting ATOM/USD to a high of $43.5.
However, after that, a powerful retracement took place, retracing over 15% to the $36 level. The following reaction high peaked at $41, establishing a clear lower low. From there, ATOM/USD saw a lower low set at $35 and began consolidating before rising above $46 and forming a consolidation range.
We’ve just completed a test of downside. With the Cosmos price action having rejected further decline, the $36 previous support has proven to be resistant to additional depreciation, prompting the Cosmos price action to form a somewhat higher low. Later today, we should see further gains as another lower high will be established.
Cosmos Price Analysis: Conclusion
As a result of today’s price movement, the Cosmos long-term outlook has become more positive. The downward slide was halted by an earlier low that was slightly higher than today’s close. As a result, we anticipate ATOM/USD to reverse and advance later today.