Since mid-November, Cosmos (ATOM) Cosmos has charted an upward course in its price trajectory.
According to technical analysis in 4 Hours excerpt, bulls held firm on Cosmos, defending key supports at $6.50 – $7.00 and $8.20, propelling the cryptocurrency towards the $10 mark in late November.
From that point on, a consolidation phase was observed that culminated with a notable high of $12.40 on December 12.
However, this peak became a considerable resistance point, finding strong selling among the $12 and $12.40 zone.
The rejection on three occasions at this critical level coincided with the acute retreat phase of a correction in the price of ATOM Cosmos, which led to Bitcoin.
This drop put it around the 0.5 Fibonacci level measured since its last push, approximately at $10.30.
An additional area of interest is identified around the 0.618 level, between the $9.80 and $9 supports.
In case of a breakout of this zone, there is a possibility of heading towards more solid supports around $9 or even $8.10.
However, for the Bulls, the range between $12 and $12.40 represents an attractive point
Currently, according to data from CoinMarketCap, ATOM Cosmos is trading at $10.5, experiencing a decline 7% in the last 24 hours.
Despite this decline, the cryptocurrency still shows a positive performance of 6% over the course of the week.
Looking at the monthly outlook, ATOM Cosmos maintains a favorable performance, with a larger positive margin 16%.
This advance over the course of the month highlights the relative strength of the cryptocurrency, even with recent corrections.
Investors are closely monitoring these key technical levels, paying attention to both resistance and possible support, looking for that has been floating over the cryptocurrency market in recent weeks.opportunities to take advantage of the volatility.
Technical charts courtesy of TradingView.
Disclaimer: The opinions expressed do not constitute investment advice.If you wish to make a purchase or investment, we recommend that you always make your research.
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