Trading King

06/12 18:43

Cosmos (ATOM) began a rally on Friday and surged

Cosmos (ATOM) began a rally on Friday and surged past $4.50 on Tuesday as buyers attempted a move past key moving averages and resistance levels. However, the price has declined substantially over the past two sessions as markets turn bearish.

ATOM registered a sharp increase on Monday (June 2), rising 2.43% to $4.47. It lost momentum on Tuesday, falling 1.10% to $4.42. Sellers retained control on Wednesday as the price fell over 3% to $4.27. Bearish sentiment intensified on Thursday as ATOM plunged over 4% and settled at $4.08. The price recovered from this level, racing to an intraday high of $4.29 before settling at $4.17, ultimately registering an increase of 2.17%.

Price action remained positive on Saturday as ATOM rose over 3% and settled at $4.31. However, the bearish sentiment returned on Sunday as the price fell almost 1%, ending the weekend at $4.27. ATOM started the week trading in positive territory, rising nearly 4% and settling at $4.44. The price continued pushing higher on Tuesday, 3.47% to cross the 20-day SMA and settle at $4.59. However, ATOM lost momentum on Wednesday and fell almost 2% to $4.50. The current session sees the price down nearly 3%, trading around $4.38 after slipping below the 20-day SMA.

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