The crypto market has been trading under a bearish influence for the third day, indicating a rising bear power in the market. Further, the star crypto has lost over 6% in value during this time.
On the other hand, Cosmos price has added over 6% within the past 24 hours, making it one of the top gainers of the day.
The ATOM price constantly traded in a closed range between $7.392 and $8.202 for a while, following which the bulls gained momentum and the price jumped. But, the rally was short-lived as the price faced rejection at $8.867.
After trading sideways for a while the price broke out of the resistance level but faced restriction at its upper level of $9.591. The coin displayed significant price volatility for over a week, after which, it lost momentum and experienced a dip in value.
The Cosmos price then traded in a consolidated range between $8.867 and $9.591 for over two weeks. As the market gained momentum in December, the price broke out of the range and jumped approximately 15%.
Following this, the price faced rejection and recorded a correction of 13% in value, but the bulls held the price strong above the support level of $9.591, resulting in a bounce back.
Recently, the price recorded a jump of 25% in value, resulting in it recording a new yearly high. The price then faced rejection at $12, since then the coin has been trading under a bearish influence.
Will The ATOM Price Go Back Up?
The Moving Average Convergence Divergence (MACD) displays a decline in the histogram, indicating a reducing buying pressure in the market. Further, the averages show a bearish turn, suggesting a high possibility of a trend reversal soon.
If the bulls hold the price above the support level of $11.004, the ATOM price will regain momentum and prepare to test its resistance level of $12. Maintaining the price at that level will set the stage for Cosmos to attempt to test its upper resistance level of $12.954 in the coming days.
Conversely, if the bears hold power and pull the price below its support level, it will prepare to test its lower support level of $10.169. Moreover, if the bears continue to dominate the market, it will plunge further and test its crucial support level of $9.591.