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Cosmos Price Analysis: ATOM continues holding above $38, reversal to follow?

ADA USD 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 ATOM/USD to continue higher over the next 24 hours.

Cosmos price analysis
Source: Coin360

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.

cosmos price analysis

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.

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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