TL;DR Breakdown
- Cosmos price analysis is bullish.
- ATOM/USD still holds near the $36 support.
- Slightly higher low set.
Today’s Cosmos price analysis is favourable, as a higher low has been established during the last 24 hours following another test of prior lows. As a result, we anticipate that ATOM/USD will rise further over the next 24 hours.
The overall market traded with bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained 4.89 and 3.89 percent. Meanwhile, XRPwas the top performer from the major altcoins, with a gain of over 9 percent.
Cosmos price movement in the last 24 hours: Cosmos tests $26 support again, further downside rejected
Cosmos Price has been moving in a range of $35.66 to $36.95 over the last 24 hours, indicating significant volatility during that period. Trading volume has risen by 7.72 percent and is now sitting at $640 million, while the overall market capitalization is about $8.14 billion, putting it in 25th position globally.
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.
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 exhibiting a bullish bias as a slightly higher low was established after the downside was rejected earlier today. As a result, we expect ATOM/USD to recover and rise later today.
While waiting for Cosmos to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.
