Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- ATOM’s 19.5% positive aspects noticed it reclaim key assist stage.
- The futures market leaned in the direction of bearishness regardless of latest positive aspects.
The previous seven days have seen Cosmos [ATOM] shake off some uncertainty after it was named within the US SEC lawsuit in opposition to main cryptocurrencies. ATOM posted positive aspects of 19.5% inside the seven-day interval to reclaim the $8.53 assist stage.
Learn Cosmos [ATOM] Worth Prediction 2023-24
With Bitcoin [BTC] consolidating on the $26.5k value zone, bulls could possibly be trying to register additional positive aspects from the important thing assist stage.
Is restoration within the works?
Supply: ATOM/USDT on Buying and selling View
ATOM’s bearish slide reached a brand new low on 10 June because it sank to the July 2022 value of $7. The bearish candle on the 12-hour timeframe broke by way of the $8.53 assist stage, which was final examined in December 2022.
Nevertheless, bulls reacted swiftly on the $7 value zone to file reasonable positive aspects of 19.5% between 10 June and 17 June. This lifted ATOM again above the $8.53 value stage. ATOM’s final rally from the $8.53 assist stage noticed it attain a YTD-high of $15.45 in February 2023.
With value consolidating simply above this important assist stage, the percentages are more and more possible for one more important bullish rally.
The capital influx highlighted the bullish risk, with the Chaikin Cash Circulation (CMF) posting a optimistic studying of +0.15 as of press time. The On-Stability Quantity (OBV) additionally remained on a slight uptrend to indicate regular buying and selling quantity.
Nonetheless, the Relative Power Indicator (RSI) served as a be aware of warning for bulls, because it remained below the impartial 50 mark regardless of pushing strongly out of the oversold zone.
The rapid goal for bulls will probably be $10.56 and a bullish construction on the decrease timeframes might speed up this transfer. On the flip facet, weakened shopping for strain on the press time assist stage of $8.53 might push ATOM again towards the $7 value zone once more.
Futures market tells a unique story
Supply: Coinalyze
Speculators within the futures market didn’t present any encouragement to bulls, because the funding price on the upper timeframes remained detrimental, as per Coinalyze. This signaled that the markets have been being primed for extra bearish exercise.
How a lot are 1,10,100 ATOMs value as we speak?
The liquidation information echoed the bearish sentiment, as $290.25k value of lengthy positions have been liquidated over the previous 24 hours. This represented 99.4% of the full liquidations in the course of the interval.
A bullish ATOM could possibly be extremely depending on Bitcoin [BTC] reaching important bullish traction within the coming days.
Supply: Coinglass
