Ethereum
$ 1,190.30 3.33%
Solana
$ 38.66 5.52%
Dogecoin
$ 0.071603 3.23%
ApeCoin
$ 4.76 7.72%
Bitcoin
$ 20,779.00 2.99%
BNB
$ 234.23 2.48%

Cosmos Price Analysis: ATOM corrects below $30, prepares to fall lower

ATOM USD price analysis

TL;DR Breakdown

  • 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.

Cosmos Price Analysis: ATOM corrects below $30, prepares to fall lower 1Cryptocurrency 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.

cosmos price analysis
ATOM/USD 4-hour chart. Source: TradingView

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.

While waiting for Cosmos to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

Related News

Hot Stories

Cryptopolitan to host Vidma in upcoming Web3 Masterminds session
Bitcoin price analysis: BTC retests $21,500, swift drop to $20,000 incoming?
Eminem promotes a BAYC video alongside Snoop Dogg
Ossification of Bitcoin
Bitcoin, Binance Coin, Filecoin, and Helium Daily Price Analysis – 27 June Morning Price Prediction

Follow Us

Industry News

Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records
Anonymous plans to bring Do Kwon to justice
Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b