Cosmos [ATOM]: End of the long-term bearish bias is…

by ChainChirp
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Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

  • ATOM’s bearish momentum had the bears with the higher hand on the time of writing
  • Nevertheless, ATOM might see a reversal as extra merchants held longer positions 

ATOM’s bearish momentum from mid-March has seen the altcoin’s value drop by over 20%. Regardless of a bullish rally in mid-April, the extraordinary promoting stress has seen ATOM crash to $10.51, as of press time.

Learn Cosmos’ [ATOM] Value Prediction 2023-24

Whereas Bitcoin [BTC] and the overall crypto market skilled gentle positive aspects prior to now few days, ATOM’s value has remained round this key help stage. What can merchants anticipate subsequent?

Bearish momentum stalls at key help stage

Supply: ATOM/USDT on Buying and selling View

Bears have retained the higher hand in dictating ATOM’s value motion over the previous three months. Nevertheless, ATOM’s latest value motion confirmed that bears have discovered the $10.56 value zone very powerful to crack. This value zone heralded ATOM’s value rally in January, reiterating the energy of consumers at this help stage.

Typically, the retests of a help stage after the primary take a look at are weaker, however bulls have refused to surrender their maintain of the $10.56 help stage. Value has hovered above and underneath this help stage for the previous seven days to trace at waning promoting stress.

Whereas bulls haven’t been in a position to set off a sustained reversal from this stage, on-chart indicators hinted at its potential. The On Steadiness Quantity (OBV) indicator maintained a slight uptrend which recommended demand was current for ATOM. Though the Relative Power Indicator (RSI) dipped underneath the impartial 50, it stood at 42 to additionally trace at a attainable reversal.

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The 12-hour chart confirmed {that a} important bullish candle shut above the $10.56 help stage might rally ATOM towards the important thing resistance at $11.59. Alternatively, if bears efficiently flip the $10.56 help stage to resistance, ATOM’s value might attain the January low of $9.66.

How a lot are 1,10,100 ATOMs value as we speak?

Market sentiment barely favored bulls

Supply: Coinglass

The lengthy/brief ratio on the 12-hour timeframe revealed that market sentiment leaned barely in favor of a bullish rebound. Knowledge from Coinglass confirmed that longs held a 51.07% benefit, as of press time.

Nevertheless, the fluctuating funding charge confirmed market speculators had been adopting a watchful strategy towards ATOM. Merchants ought to train warning and look ahead to potential value actions on the key help stage earlier than coming into new positions.

Supply: Coinalyze

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