Cosmos (ATOM) Price Surged 11.89% Amid Market Dip

Cosmos (ATOM) Price Surges 15% Following Global Market Rebound
  • Breakout attempts occurred on January 7 and 17 above the $44.50 area.
  • ATOM lost 35.6 percent of its worth due to the recent sell-off.

At the time of writing, Cosmos (ATOM) is up 11.89% in the last 24 hours and is poised to execute a third straight breach over the $44.5 horizontal resistance zone. When ATOM hit $44.8 on September 20, it started a protracted correction phase that ended on December 15 at $20.18. Since then, it has continued to rise. Breakout attempts occurred on January 7 and 17 above the $44.50 area. However, it failed in both cases.

ATOM/USDT: Source: TradingView

The bulls eventually started an inverted head and shoulder breakout on January 1 after retesting the $32.58 level for nearly seven weeks. On January 7, the altcoin hit its 5-week high of 79.61 percent ROI, from its December 29 low.

200-SMA Not Breached Yet

However, on January 21, as the bears maintained their hold on the 43.6% Fibonacci support, the bulls continued to defend the 23.6 percent support level. ATOM lost 35.6 percent of its worth and 38.2 percent support level due to the recent sell-off.

Read More: Cosmos Price Prediction

Further evidence of a growing selling effect was provided by a drop in the 20-day simple moving average price. The bulls have recaptured the 38.2 percent level, but they have not overcome the 200-SMA on the last day.

After reaching resistance near the midline, the RSI formed a downward channel. In the short run, it showed a bearish bias. The MACD’s histogram discovered a closing above equilibrium, but its lines still favored sellers. According to CoinMarketCap, the Cosmos price today is $35.41 USD with a 24-hour trading volume of $3,876,045,416 USD. Cosmos has been up 11.89% in the last 24 hours.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.