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Cosmos bounces back toward the north
ATOM/USD Price Analysis November 11
Further increase in the buyers’ momentum may break up the $12 resistance level, Cosmos may increase towards the resistance levels of $13 and $14. In case the bears’ momentum increases, it may break down the support level of $10 in which the support levels of $8 and $5 may be tested.
ATOM/USD Market:
Key Levels:
Resistance zone: $12, $13, $14
Support zone: $10, $8, $5
ATOM/USD Price Long-term Trend: Bearish
Cosmos is bearish on the daily chart. The buyers were reigning in the Cosmos market last week after the formation of the double bottom chart pattern at the support level of $10. The bullish momentum pushed up the price to the resistance level of $14. Sellers interrupted the bullish movement at the same level. The price declined rapidly below the previous low of $10. At the moment, the price is pulling back.
The coin has broken down the 9-day EMA and 21-day EMA, price is trading below the two EMAs at close contact. Further increase in the buyers’ momentum may break up the $12 resistance level, Cosmos may increase towards the resistance levels of $13 and $14. In case the bears’ momentum increases, it may break down the support level of $10 in which the support levels of $8 and $5 may be tested. Meanwhile, the Relative Strength Index period 14 is at 45 levels bending up to indicate a buy signal.
ATOM/USD Medium-term Trend: Bearish
Cosmos is also bearish on the 4-Hour chart. The buyers engaged the coin on bullish momentum last week. It increased above the resistance level of $14. Buyers could not sustain their momentum, then, bears took over the market with more pressure. The coin decreases to the low of $10 support level.
The price is trying to cross over the 9-day EMA and the 21-day EMA to establish a bullish trend. The relative strength index period 14 is at 45 levels with the signal line point up to indicate an increase of ATOM price.
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