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NewsBTC 2022-08-08 22:09:32

TA- Cosmos Could Be Set For A Wild Rally Ahead Of Crucial Breakout

The price of Cosmos (ATOM) could be set for a wild rally with a potential breakout against Tether (USDT) ahead of summer relief for altcoins. Ethereum price saw a relief bounce from $1,600 to $1,800 ahead of merge sentiments leading to other altcoins like Cosmos breaking out in price. (Data feeds from Binance) Related Reading: TA- Ethereum Price struggles To Breakout – Eyes $2,000 Price Analysis Of ATOM On The Weekly Chart From the chart, the price of ATOM saw a weekly low of around $6.5, which bounced from that range and rallied to $11.3. The price has built more momentum as it faces resistance at $17. If the price of ATOM on the weekly chart continues with this bullish structure, it could quickly hit the $17 mark. The volume shows decent buy bids, pushing the price of ATOM higher. Weekly resistance for the price of ATOM – $17. Weekly support for the price of ATOM – $6.5. Price Analysis Of ATOM On The Daily (1D) Chart The price of ATOM found strong support at around $6.2, with what seems to be an area of interest on the daily chart. ATOM bounced from its support, forming a bullish trendline that acts as a support and has continued to maintain this structure. At the point of writing, the price of ATOM is at $12, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $10. If the 50 EMA region fails to hold the price, $9 would be a good support to hold sell-offs and for a possible...

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