Jackson.verse
2022/09/05 05:56
Cosmos (ATOM) /USDT
Cosmos (ATOM) has not given up ground in the past few days and is trading near its overhead resistance at $13.45. This indicates that traders are not closing their positions as they anticipate the price to move higher. This is the reason for its inclusion in this list.
The ATOM/USDT pair dipped below the 50-day SMA ($11.08) on Aug. 29 but the bulls purchased at lower levels. That started a rebound which reached the overhead resistance at $13.45. The gradually rising moving averages and the RSI in the positive territory indicate the path of least resistance is to the upside.
If buyers propel the price above $13.45, the pair could pick up momentum and rally to $15.30 and then to $20. This positive view could invalidate if the price turns down sharply and plummets below the psychological support at $10.
The 20-EMA is sloping up and the bulls are buying the dips to this support. This suggests a positive sentiment in the short term. The bulls will attempt to push the price to the overhead resistance at $13.45. This is an important level to keep an eye on because a break and close above it could indicate the resumption of the up-move.
Conversely, if the price turns down from the current level or the overhead resistance and breaks below the 20-EMA, it will suggest that bears are active at higher levels. The pair may then remain range-bound between $10 and $13.45 for some time.
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