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Cosmos Price Analysis: ATOM continues holding above $36, reversal to follow?

Cosmos Price analysis

TL;DR Breakdown

  • 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 MANA/USD to continue higher over the next 24 hours.

Cosmos Price Analysis: ATOM continues holding above $36, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 2.06 percent, while Ethereum gained 0.87 percent. Meanwhile, Maker (MKR) is the top performer, with a gain of 26 percent.

Cosmos price movement in the last 24 hours: Cosmos tests $26 support again, further downside rejected

ATOM/USD traded in a range of $35.66 – $37.95, indicating substantial volatility over the last 24 hours. Trading volume has increased by 7.72 percent and totals $640 million, while the total market cap trades around $8.14 billion, ranking the coin in 25th place overall.

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

On the 4-hour chart, we can see the Cosmos price action rejecting further downside, likely leading to a reversal over the next 24 hours.

Cosmos Price Analysis: ATOM continues holding above $36, reversal to follow?
ATOM/USD 4-hour chart. Source: TradingView

Cosmos price action saw a strong advance last week. After establishing a higher low around $34, a strong spike followed on the 26th of October, leading ATOM/USD to a strong higher high at $43.5.

However, a strong retracement followed, retracing more than 15 percent to the $36 mark. The following reaction higher peaked at $41, setting a clear lower low. From there, ATOM/USD saw a lower low set at $35 before moving back above $46 and starting to consolidate.

Currently, we see another test of downside. The $36 previous support has rejected further downside, leading the Cosmos price action to set a slightly higher low. Likely, we will see further upside later today as another lower high will be set.

Cosmos Price Analysis: Conclusion 

Cosmos price analysis is bullish as a slightly higher low has been set after the downside was rejected earlier today. Therefore, we expect ATOM/USD to reverse and move higher 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.

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