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Strong bullish movement in Cosmos market
ATOMUSD Price Analysis – November 05
Should Cosmos reach the high of $16.7 and penetrate the mentioned level, ATOM may be exposed to the high of $19.9 and $22.3 resistance levels. In case bears defend the resistance level of $16.7, Cosmos may decrease to the support level at $15.0, further decrease in the bears’ pressure may push down the price to $13.3 and $12.2 levels.
ATOM/USD Market
Key levels:
Resistance levels: $16.7, $19.9, $22.3
Support levels: $15.0, $13.3, $12.2
ATOMUSD Long-term Trend: Bullish
ATOMUSD is bullish on the daily chart. A double bottom chart pattern is noticed on the daily time frame. Atom is under the bears’ control four weeks ago, the bearish power pushed the coin to the support level of $10.5. Another bullish chart pattern formed at the just mentioned level called Double bottom. It is a signal to the traders that buyers are ready to dominate the market. The coin increases and the resistance level of $15.0 is broken upside today.
The price is trading above the two EMAs as a sign of bullish movement. The fast Moving Average (9 periods) is above the slow Moving Average (21 periods EMA) and are separated. Should Cosmos reach the high of $16.7 and penetrate the mentioned level, ATOM may be exposed to the high of $19.9 and $22.3 resistance levels. In case bears defend the resistance level of $16.7, Cosmos may decrease to the support level at $15.0, further decrease in the bears’ pressure may push down the price to $13.3 and $12.2 levels.
ATOMUSD medium-term Trend: Bullish
ATOMUSD is bullish in the 4-hour chart. A Double bottom chart pattern is concuspiously seen on the 4-hour Time Frame. It is formed at $10.5 support level. The bullish momentum increases and former resistance level of $13.3 and $15.0 is penetrated upside. At the moment, the price is targeting the resistance level of $16.7.
The two EMAs are separated from each other and the crypto is trading above the 21 periods EMA and 9 periods EMA which indicate a strong bullish momentum in ATOM market. The relative strength index period 14 is at 71 levels and the signal lines display bullish direction.
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