ATOM Technical Analysis: Cosmos Price Forecast for Today, September 16

ATOM Technical Analysis: Cosmos Price Forecast for Today, September 16

Cosmos Price Prediction: ATOM Gains 2.83% as Resistance Level is Hit

The Cosmos price has seen a whole lot of gain of 2.83% as it reaches the resistance level of $7.16. As of now, the price of Cosmos (ATOM) stands at $7.12 with a market cap of $2.5 Billion and a circulating supply of 364.7 million.

ATOM/USD Market Outlook

Key Levels:

Resistance levels: $8.0, $8.2, $8.4

Support levels: $6.2, $6.0, $5.8

ATOM/USD has been experiencing a steady upward movement, reaching the resistance level of $7.16 after five consecutive days of positive trend activity. As one of the emerging coins in the market, Cosmos (ATOM) is expected to touch the resistance level of $7.5 in its next positive move, indicating a long-term positive trend outlook.

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Cosmos Price Prediction: Will Cosmos Break Higher?

The Cosmos price is as of now trading over the 9-day and 21-day moving averages within a channel. If the price breaks over the upper boundary of the channel and closes over it, ATOM/USD could continue its upward trend and potentially reach resistance levels at $8.0, $8.2, and $8.4.

Nonetheless, if the technical indicator fails to cross over the 50-level, bears may return to the market, causing the price to hit support levels at $6.2, $6.0, and $5.8 respectively. The Relative Strength Index (14) is as of now crossing over the 50-level, indicating additional positive trend signals.

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ATOM/ Bitcoin Shows Upside Potential

Against Bitcoin, the Cosmos price has been on a positive trend trend, growing over the 9-day and 21-day moving averages to reach the resistance level of 2701 SAT and beyond. This upward movement suggests a promising sign for buyers, potentially allowing the digital currency to break over the upper boundary of the channel.

If bears push the price below the 9-day and 21-day moving averages, critical support can be found at 2400 SAT and lower. On the other hand, resistance levels over the channel are located at 3000 SAT and higher. The Relative Strength Index (14) crossing over the 50-level further supports positive trend movement within the channel.

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Alternatives to Cosmos

The daily chart indicates that Cosmos is trying to establish more positive trends, potentially leading to a positive trend to continue that could test the resistance level of $7.5. Traders may witness additional positive trend trends if Cosmos maintains its growing channel pattern in future trading sessions.

In addition, there is a chance to acquire the token at its current presale price before it becomes available on exchanges. With over $25 Million raised in funding, this token is anticipating its official launch in the coming days.

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$WSM presale going before the end of September 2023. This is the next Meme Coin token with a huge potential.

Author – Contributor at | Website

Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.

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