The post ATOM Price Jumps Despite Bearish Sentiment! Cosmos To Hit $10 Soon? appeared first on Coinpedia Fintech News
Despite the ongoing market turmoil, the Cosmos price has displayed a positive price action by adding approximately 3% in its value, indicating a rising bullish sentiment for this altcoin in the crypto market.
However, the ATOM token has recorded a correction of 6.12% within the past week and 30.63% over the past 30 days, indicating a strong bearish influence in the long-term perspective.
The ATOM price started 2024 positively by adding 37.62% within the first two months. However, after facing rejection at the resistance level of $14.225, the altcoin displayed a neutral trend for about a week, indicating a cool-off in the price action for the Cosmos token.
As the volatility in the market grew, the bulls lost momentum and recorded a loss of 48.35%, resulting in the Cosmos token leveling all its gains from the price pump and recording a loss of -21.60% in its YTD return. On the other hand, the Cross EMA 50/200-day records a Death Cross, highlighting a bearish outlook.
The Relative Strength Index (RSI) displays a significant rise in the chart, indicating an increase in the positive sentiment in the crypto space. Furthermore, the averages show a bullish jump in the chart, suggesting the price will continue gaining value this week.
If the bulls continue to gain momentum, the ATOM crypto will test its resistance level of $8.950. Moreover, if the bulls hold the price at that level, it will set the stage for the Cosmos price to attempt to test its upper resistance level of $10.825 this month.
Negatively, if the bears overpowered the bulls, the Cosmos price would lose momentum and fall to test its crucial support level of $7.525. Furthermore, if the bears continue to hold power, the altcoin will plunge to test its new low of $6.240 in the coming time.
Also Check Out : Altcoin Season Ahead? As Ethereum-Based Tokens Take Charge?
The post ATOM Price Jumps Despite Bearish Sentiment! Cosmos To Hit $10 Soon? appeared first on Coinpedia.org.