Can Buyers Prevail Over Sellers at $24 Support Level? – Cryptovibes.com – Daily Cryptocurrency and FX News
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ATOMUSD Price Analysis – January 28
Cosmos may break down the support level of $24 provided the bears increase their pressure; below it are $17 and $10 support levels. Should the $24 support level holds, the price may break up the resistance level at $29, further increase in the bulls’ pressure may push up the price to $36 and $40.
DOT/USD Market
Key levels:
Resistance levels: $29, $36, $40
Support levels: $24, $17, $10
ATOMUSD Long-term Trend: Bearish
ATOMUSD is bearish on the daily chart. Cosmos price reached the high of $45 on January 07. The price falls to the low of $36 with strong bearish momentum. The coin becomes range-bound within the resistance level of $40 and support level of $36. The bulls made attempts many times to break up the resistance level of $45 but unable because of the strong resistance level. The bulls’ momentum was not enough to break up the resistance level of $40. The price is currently below $29 and exposes to $24 level.
The price is trading below the two EMAs as a sign of bearish movement, the fast Moving Average (9 periods) remains below the slow Moving Average (21 periods EMA). Cosmos may break down the support level of $24 provided the bears increase their pressure; below it are $17 and $10 support levels. Should the $24 support level holds, the price may break up the resistance level at $29, further increase in the bulls’ pressure may push up the price to $36 and $40.
ATOMUSD medium-term Trend: Bearish
ATOMUSD is bearish in the 4-hour chart. The coin is experiencing a long time bearish movement. The bulls lost their momentum when the price reaches the resistance level at $40; the price could not increase further. At the moment of writing this report, the bulls are yet to gain momentum to push up the coin to break the resistance level of $36.
The two EMAs are above the currency pair, in other words, the price is trading above the 21 periods EMA and 9 periods EMA which indicates that bearish movement is in progress. The relative strength index period 14 is below 40 levels and the signal lines pointing down to indicate sell signal.
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