ATOM Might Trade Below Its Immediate Support Level Despite A Recent Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	358,069,173,903	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

358,069,173,903

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-29.85	-0.99%	2,980.96	2,981.22	2,981.24

Price Change

Price Change %

Current Price

Bid Price

Offer

-29.85

-0.99%

2,980.96

2,981.22

2,981.24

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,020.26	2,956.44	3,010.91	3,010.81	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,020.26

2,956.44

3,010.91

3,010.81

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GEMN	03:55:37	0.436000	2,981.49	USD

Exchange

Last Trade

Size

Trade Price

Currency

GEMN

03:55:37

0.436000

2,981.49

USD

Price x Volume	Volume	Base Symbol	Related Pairs
45,202,825.85	15,112.28	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

45,202,825.85

15,112.28

ATOM Might Trade Below Its Immediate Support Level Despite A Recent Rally

19/05/2022 2:00am

NEWSBTC

ATOM had displayed optimistic price action recently after the coin rallied close to 14% a little over 48 hours ago. The coin had managed to undo the loss of 21% that it incurred in the past week with its recent rally. Bearish sentiments are still present across the whole industry and altcoins have also walked along the same price sentiment. Ever since ATOM revisited its all time high in the month of January this year, the coin has struggled to release itself from the grasp of the bears. At the time of writing, Cosmos (ATOM) was the 28th biggest crypto by market capitalisation as seen on CoinGecko. Bitcoin again slid below the $30,000 mark while Ethereum struggled to trade above the $2000 price level. The global cryptocurrency market cap today was at $1.32 Trillion after a fall of 4.6% in the last 24 hours. ATOM Price Analysis: One Day Chart Cosmos (ATOM) was trading for $10.57 at the time of writing. Gradual push from the bears have caused the digital asset to trade below its resistance lines. At press time, the coin was trading close to its immediate support level because the market received a fall in buying strength. Over the last 24 hours, the altcoin registered a sharp fall by 9% forcing the coin trade near the local support. Immediate resistance for ATOM stood at $13.73 and to trade above the same ATOM would need support of the buyers. Volume of the coin traded depicted bearishness which indicates selling momentum rising in the market. Technical Analysis Cosmos (ATOM) invalidated its 8-month long resistance line and that caused sellers to lose confidence on the asset. The coin was trading below the 20-SMA line which meant that sellers were in control of the price momentum. If the coin continues to remain below the 20-SMA line then a bullish revival remains tough for the altcoin. If buyers find a way back into the market then the coin can attempt to trade near the $13 price mark. A rejection from the aforementioned price level will push the coin beneath the $9.42 support level. The coin traded near the $9.40 level last year in the month of July. The Relative Strength Index displayed an uptick because the indicator was seen above the oversold region. Despite recovery, ATOM continues to remain under heavy selling pressure. Related Reading | How Cosmos Could Outgrow Ethereum, Making The Case Cosmos (ATOM) had staged a brief recovery and following that indicators reflected some bullishness. It is too early to say if the altcoin will continue moving in the same direction. Awesome Oscillator depicts the price momentum in the market. The indicator displayed green histograms underneath the zero-line, this reading signifies a sell signal. If sellers act on the sell signal, price could dip further causing the bears to strengthen. Chaikin Money Flow was under the half-line, although the indicator noted an increase in capital inflows over outflows. Despite increase in capital inflows, ATOM’s capital outflows precede its inflows. Related Reading | TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

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