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Cosmos Struggles With $17 As Price Heads Into Distribution Phase
ATOM struggles to break $17 as the price gets rejected.
The price of ATOM enters the distribution phase on a daily timeframe.
ATOM’s price needs to hold the key support at $12 to maintain a bullish structure.
Hidden bearish divergence resurfaces in the 4H timeframe.
Cosmos (ATOM) has been the major player of the current relief bounce, with price rallying from a region of $6 to $17, with many paying so much attention to its ecosystem as this could prove to be a major player also in the bull run. The price of Cosmos (ATOM) showed so much strength, holding pretty well against tether (USDT) as the market continued to decline in price.
Cosmos (ATOM) Price Analysis On The Weekly Chart
Despite a decline in its price from $45 to $6, over 70% decline from its all-time high, the price of ATOM showed great strength as price bounced from its weekly low of $6, rallying to a high of $17 before facing a rejection to break above that region to higher heights.
The price of ATOM on the weekly chart looks strong despite seeing more sell orders lately as the price continues to hold. For ATOM to resume, its bullish sentiment price needs to rally and break above $17, as this has proven to be a resistance to ATOM prices.
ATOM’s price is trading at $14.3 below its resistance; the price of ATOM needs to hold above $12 to avoid the price from going lower due to the sell-off. If the price of ATOM holds this region, there could be more belief of a rally to its resistance at $17 and possibly breaking and holding above this region.
A break below $12 would mean retesting lower demand zones and reluctance for bulls to step into buy orders as there would be more agitation for lower prices.
For ATOM’s price to restore its bullish move price need to break and hold above the $17 resistance preventing the price of ATOM from trending higher. If the price of ATOM keeps rejecting the trendline resistance, we could see the price going lower as there are more sell orders than buy orders.
Weekly resistance for the price of ATOM – $17.
Weekly support for the price of ATOM – $12.
Price Analysis Of ATOM On The Four-Hourly (4H) Chart
Four-Hourly ATOM Price Chart | Source: ATOMUSDT On Tradingview.com
The 4H timeframe for ATOM prices continues to weaken as prices break to the downside, as there seems to be a hidden bearish divergence suggesting the price of ATOM could retest the support area at $13.
On the 4H timeframe, the price of ATOM is currently trading at $14.5 below the 50 Exponential Moving Average (EMA), acting as resistance for ATOM price. The price of $15.2 corresponds to the resistance at 50 EMA for the price of ATOM. The price of ATOM needs to hold the support area at $13, which corresponds to the 200 EMA.
Four-hourly resistance for the ATOM price – $15.2.
Four-hourly support for the ATOM price – $13.
Featured Image From zipmex, Charts From Tradingview
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