ATOM/USD Follows the Market Sentiment; Price Trades Below $30 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Cosmos Price Analysis – March 4
After a period of bullish movement a few days ago, the bears are taking full control of the market to lower the price below the moving averages.
ATOM/USD Market
Key Levels:
Resistance levels: $37, $39, $41
Support levels: $22, $20, $18
ATOM/USD keeps moving within the range as the coin moves to drop below the 21-day moving average. However, as the market opens today, the bulls fail to push the coin above the resistance level of $30 as it begins to show a sign of downward movement which may continue to cause a tremendous drop as the price breaks toward the lower boundary of the channel.
Cosmos Price Analysis: Where is Cosmos Price Going Next?
The Cosmos price is currently moving sideways as the technical indicator Relative Strength Index (14) crosses below 50-level which is yet to slide below the lower boundary of the channel. Therefore, if ATOM/USD begins to stay under the control of bears, the price may touch the supports at $22, $20, and $18. On the upside, any bullish movement towards the upper boundary of the channel may locate the resistance levels at $37, $39, and $41 respectively.
ATOM/BTC Market; Cosmos Price Range-bounds Within the Channel
ATOM/BTC is ranging as the daily chart reveals. The market price is likely to form a downward trend on the chart. The coin touches the low of 729 SAT today as the bears put more pressure on the market. Therefore, any further bearish movement below the lower boundary of the channel may hit the support level of 600 SAT and below.
However, the technical indicator Relative Strength Index (14) on the daily chart confirms that bears are still putting pressure on bulls as the signal line moves to cross below 50-level. Meanwhile, if bulls can regroup and halt the downward movement, The Cosmos price may begin an uptrend which may likely push the price to the resistance level of 900 SAT and above.
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