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Will ATOM Crypto Price Break Down Or Go Up?

2 Mins read

Cosmos is a platform that lets distinct blockchains work together. Different blockchains have different standards and characteristics, but Cosmos enables them to communicate and trade with each other. Users can avail of more applications and services in this way. The Cosmos Network is empowered by the ATOM cryptocurrency.

ATOM is the currency of the Cosmos Network. It is utilized by people to pay for transactions and network fees, as well as for staking to secure the network and gain benefits. Staking means locking up some ATOM tokens to help authenticate transactions and keep the network safe. 

ATOM tokens are used to reward validators and delegators, the people who stake their tokens. ATOM tokens are also utilized to choose proposals stating the ideas for enhancing the network.

Cosmos uses a plan to decide who verifies transactions and gains rewards. Validator nodes that stake more ATOM tokens have a high chance of being chosen to validate transactions and earn rewards. Nodes that are found to be cheating are penalized— and they can lose the tokens that they staked.

Cosmos Price In Parallel Channel, What’s Next?

Cosmos Price: Will ATOM Crypto Price Break Down Or Go Up?
Source: ATOM/USD. COINBASE.1.D.  by TradingView

The ATOM price faced resistance from the exponential moving averages (EMAs) and was trading at $10.462 price with an intraday gain of 1.79%.

At the time of publishing, Cosmos price is trading below the 20-day EMAs (exponential moving averages) which are rejecting the crypto price trend. Contingent on selling pressure, the price could depreciate more and breach below supporting EMAs.

The MACD line at 0.006 and the signal line at 0.197 are both barely above the zero line and they have broadly crossed each other, and could slip below the zero line soon. The histogram gap is broad in the MACD oscillator, which shows that the price is declining.

The RSI value is 46.77 points and the 14-day SMA is 52.72 points, which is slightly above the middle line. This means that the price is approaching the oversold zone soon, further implying that the ATOM asset is losing momentum and could mark new depths.

The ATOM price had been falling from weak high and sliding downward on the charts and facing constant resistance. At the time of publishing, ATOM price is at 10.508 trading with an intraday surge of 2.22%. Furthermore, Cosmos price could resume its downtrend and reach the nearest support levels at $9.50 and if it fails to hold the current level, it can reach the demand zone as well.

On the other hand, if ATOM breaks above the nearest resistance, it might rise for reclaiming levels. On the upside, Cosmos price could meet the nearest resistance levels at $12 and more.

Cosmos Price: Will ATOM Crypto Price Break Down Or Go Up?
Source: ATOM/USD. COINBASE.1.D. by TradingView

Summary

The ATOM price had been falling from weak high and sliding downward on the charts and facing constant resistance. At the time of publishing, ATOM price is at 10.508 trading with an intraday surge of 2.22%. 

Furthermore, Cosmos price could resume its downtrend and reach the nearest support levels at $9.50 and, if it fails to hold the current level, it can reach the demand zone as well.

The Cosmos price shows the negative outlook and expectations of the investors and traders about the ATOM in the daily chart.

Important reliable indicators MACD, RSI, and EMA, give negative signals about the ATOM price.

Technical Levels

Support Levels: $9.50

Resistance Levels: $12

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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