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Tuesday, December 6, 2022
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    HomeAltcoinATOM Price Steady Above Support Concerns of Collapse Remain

    ATOM Price Steady Above Support Concerns of Collapse Remain

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    The Cosmos (ATOM) value is buying and selling inside a Fib and horizontal assist degree. There are not any decisive indicators in both path.

    ATOM is the native token of the Cosmos ecosystem. The ATOM price has fallen since reaching an all-time excessive value of $44.65 in Sept. 2021. It created a decrease excessive in Jan. 2022 earlier than accelerating its price of lower. Till now, Cosmos fell to a minimal value of $5.55 in June 2022. 

    The value of Cosmos initiated a bounce afterward that’s nonetheless ongoing. 

    A major improvement is reclaiming the long-term $8.80 horizontal assist space. The realm has intermittently acted as resistance and assist since July 2020 (pink and inexperienced icons). So, the June breakdown (pink circle) is barely a deviation because of the subsequent reclaim.

    The weekly RSI is beneath 50 regardless of the ATOM value is buying and selling above the $8.80 assist space. So, whether or not the worth breaks down or bounces will possible decide the long run ATOM value prediction.

    Cosmos (ATOM) Value Rise Loses Momentum

    The every day timeframe reveals two different essential resistance and assist ranges. Firstly, the ATOM value has adopted a descending resistance line since Sept. 9. The road rejected ATOM on Nov. 5.

    Afterward, the worth fell to the 0.618 Fib retracement assist at $10. That is each the 0.618 Fib retracement assist degree and a horizontal assist space.

    Nonetheless, the every day RSI is bearish since it’s beneath 50. In consequence, whether or not the ATOM value breaks down from the $10 space or bounces will decide the long run pattern.

    Wave Depend Helps Bounce?

    The wave depend helps the opportunity of a bounce. It reveals that the ATOM value has accomplished an A-B-C corrective construction.

    The truth that the waves have a virtually 1:1 ratio and the overlap (pink line) of waves A and C assist this being the right depend.

    Nonetheless, the depend could be invalidated with a decisive shut beneath the $10 assist space. In any case, the wave depend solely suggests a short-term improve will comply with, relatively than a long-term bullish reversal. In consequence, the path of the long-term pattern is unclear.

    For BeInCrypto’s newest Bitcoin (BTC) evaluation, click here.

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