Cosmos Struggles With $17 As Price Heads Into Distribution Phase

• ATOM struggles to interrupt $17 as the worth will get rejected.
• The worth of ATOM enters the distribution section on a day by day timeframe.
• ATOM’s worth wants to carry the important thing assist at $12 to take care of a bullish construction.
• Hidden bearish divergence resurfaces within the 4H timeframe.

Cosmos (ATOM) has been the main participant of the present aid bounce, with worth rallying from a area of $6 to $17, with many paying a lot consideration to its ecosystem as this might show to be a significant participant additionally within the bull run. The worth of Cosmos (ATOM) confirmed a lot energy, holding fairly properly towards tether (USDT) because the market continued to say no in worth.

Cosmos (ATOM) Worth Evaluation On The Weekly Chart 

Regardless of a decline in its worth from $45 to $6, over 70% decline from its all-time excessive, the worth of ATOM confirmed nice energy as worth bounced from its weekly low of $6, rallying to a excessive of $17 earlier than dealing with a rejection to interrupt above that area to larger heights.

The worth of ATOM on the weekly chart seems sturdy regardless of seeing extra promote orders these days as the worth continues to carry. For ATOM to renew, its bullish sentiment worth must rally and break above $17, as this has confirmed to be a resistance to ATOM costs.

ATOM’s worth is buying and selling at $14.3 beneath its resistance; the worth of ATOM wants to carry above $12 to keep away from the worth from going decrease because of the sell-off. If the worth of ATOM holds this area, there may very well be extra perception of a rally to its resistance at $17 and probably breaking and holding above this area.

A break beneath $12 would imply retesting decrease demand zones and reluctance for bulls to step into purchase orders as there can be extra agitation for decrease costs. 

For ATOM’s worth to revive its bullish transfer worth want to interrupt and maintain above the $17 resistance stopping the worth of ATOM from trending larger. If the worth of ATOM retains rejecting the trendline resistance, we might see the worth going decrease as there are extra promote orders than purchase orders. 

Weekly resistance for the worth of ATOM – $17.

Weekly assist for the worth of ATOM – $12.

Worth Evaluation Of ATOM On The 4-Hourly (4H) Chart

The 4H timeframe for ATOM costs continues to weaken as costs break to the draw back, as there appears to be a hidden bearish divergence suggesting the worth of ATOM might retest the assist space at $13.

On the 4H timeframe, the worth of ATOM is at present buying and selling at $14.5 beneath the 50 Exponential Transferring Common (EMA), appearing as resistance for ATOM worth. The worth of $15.2 corresponds to the resistance at 50 EMA for the worth of ATOM. The worth of ATOM wants to carry the assist space at $13, which corresponds to the 200 EMA. 

4-hourly resistance for the ATOM worth – $15.2.

4-hourly assist for the ATOM worth – $13.

Featured Picture From zipmex, Charts From Tradingview