- The short-term technical chart of ATOM coin continues to show a downward trend.
- The important resistance level for ATOM price is determined as $9.19 and the support level is $8.608.
- In the daily technical chart of ATOM, a critical resistance level of $9.80 is observed.
According to the technical analysis of Cosmos (ATOM) coin, a downward trend is observed in the short-term chart. If the price continues to stay below the $9.80 resistance level, it may continue to trend downwards towards the $8.65 support level. However, if the price manages to sustain candlestick closures above the $9.19 resistance level for a continuous 2-hour period, it may allow for the beginning of an upward trend.
Medium-Term ATOM Price Analysis
Daily ATOM/USD Price ChartWhen examining the daily technical chart of ATOM, it is observed that the price continues to move horizontally below the important resistance level of $9.80. If the ATOM price continues to stay below the mentioned $9.80 resistance level, it may extend its decline towards the $8.65 support level.
The Coinotag Analyst team believes that if the ATOM price encounters strong buying reactions at the $8.65 level and achieves daily closures above this level, it may initiate an upward trend. In this case, it is expected that the ATOM price can continue its rise first towards the $9.80 level and then to the $10.49 levels. Additionally, if ATOM initiates its rise from the $8.65 support level, there is a possibility for the upward trend to continue until the $12.50 levels.
However, it should also be considered that if the ATOM price closes below the $8.65 support level on a daily basis, it may extend its downward movement towards the $8.11 levels.
Short-Term ATOM Price Analysis
When examining the short-term technical chart of ATOM coin, it is observed that it continues its downward trend. If the ATOM price manages to sustain candlestick closures above the mentioned red descending trend line in the analysis, it may initiate its upward movement.
However, the ATOM price also needs to achieve candlestick closures above the mentioned $9.19 resistance level in the analysis. If the ATOM price fails to achieve closures above the $9.19 level, it may continue its downward movement towards the blue support zone mentioned in the analysis, which is the $8.608 levels.
If the ATOM price encounters strong buying reactions at the $8.608 level, it may initiate its rise from this blue support zone and reach up to the $10.14 levels. However, achieving 2-hour candlestick closures above the $8.608 support level is an important criterion. If ATOM starts to rise from the $8.608 level, the take-profit target can be followed as the $9.58 level.
