- ATOM price trades currently at $33.24 with a bearish bias.
- ATOM remains bullish as it trades within the confines of an ascending parallel channel.
- Cosmos price prediction is bullish as it aims for a 29% rise to areas above the $43 level.
The ATOM price bounced off the 200-day simple moving average (SMA) at $17.56 on September 09 suggesting that the bulls are aggressively defending this support level. Note that this is a major support level given that the bulls successfully held this level between August 27 and August 31.
The long lower wick on the September 08 red candlestick was an indication that the Cosmos price sentiment was reversing to positive and buyers were getting in on the dips. The moving averages triggered a golden cross on September 10 when the 50-day SMA crossed above the 200-day SMA. The MACD sent a call to buy crypto signal on the same day. This was an indication that the bulls were back in town.
ATOM Price Aims For $43.46
The Cosmos (ATOM) price has formed an ascending parallel channel chart pattern on the daily chart. This is a significantly bullish chart pattern and as long as the Atom price remains within the confines of the rising channel, it will continue to record higher highs. At the time of writing, ATOM/USD price is trading in a second bearish session at $33.24 and appears to be battling immediate resistance at the $35.0 psychological level. Note that a daily closure above this level may see the Cosmos coin rise higher to tag the $40.0 mark. A clear bullish breakout will be achieved once ATOM breaks above the September 13 all-time high (ATH) at $41.11 to tag the tip of the upper boundary of the ascending parallel channel at $43.46. This represents a 29% move upwards from the current price.
ATOM/USD Daily Chart
Cosms’ bullish narrative is validated by the upsloping moving averages and the positive Parabolic SAR which indicate that the ATOM price market momentum is bullish.
- If you are new to crypto trading, this guide on the best cryptocurriencies to buy may be a good place to start.
As notes earlier, the September 10 golden cross and call to buy signal from the MACD accentuat ATOM’s bullish narrative. In addition, the current position of the MACD above the signal line and above the zero line in the positive region show that the asset’s market sentiment is positive.
These bullish technical indicators plus the fact that ATOM sits on a strong support provided by particlarly the 50- day SMA at $19.62, the 200-day SMA around the $17.55 and the 100-day SMA at $15.80 validate Cosmos’s bullish bias.
If things go awry for the ATOM price and the asset closes the day below the immediate support at $31.84, the Cosmos price may drop towards the $27.43 support wall. A drop further could see the ATOM price tag the $25.0 psychological level or the SMAs below it.
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Nancy Lubale
