ATOM Technical Analysis Report | 15th-September-2022

Cosmos describes itself as a project that solves some of the “toughest problems” in the blockchain industry. It aims to provide an antidote to “slow, expensive, non-scalable, and polluting” proof-of-work protocols such as those used by Bitcoin by offering a connected blockchain ecosystem. The asset price has fallen by around 5% while the volume has been down by more than 30%. Recently Crypto research firm Delphi Digital shifted the focus of its research and development arm to the Cosmos ecosystem on Sept. 8, which made it gain around 24% that day.

At the time of writing, ATOM was trading at $13.39.

Atom Chart | 15th September 2022
Cosmos (ATOM) Chart

ATOM witnessed a sharp fall and closed in red for eleven consecutive weeks from 4th April 2022 to 13th June 2022. Post this move the asset made a ‘Morning Star’(Bullish Reversal Pattern) at the Bottom of $5.55 and started moving upwards in an ‘Ascending Channel’ pattern. Atom gave a breakout above the channel and made the High of $17.19.  The bulls, however, failed to push the prices above the resistance of $17.25 and are witnessing profit booking. The asset has strong support at $13.35 (20-Week Moving Average) whereas to further rally it needs to close and sustain above the resistance of $17.25.

Support 2Support 1AssetResistance 1Resistance 2

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