Cosmos [ATOM]: Additional features may very well be probably if this assist holds

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion

• ATOM might submit further features to buyers. 
• Sentiment improved, and buying and selling quantity elevated barely.

Cosmos [ATOM] posted over 55% features throughout its rally between mid-December 2022 and mid-January 2023. It rose from $8.496 to $13.379, simply shy of $14.000. However bulls confronted consecutive bearish orders across the $13.000 space, which made it a vital provide zone. 

At press time, ATOM’s value correction was briefly stopped by the bullish order block at $11.714 assist. Bulls might launch an enormous restoration within the subsequent few days or perhaps weeks if the assist proves regular. 

Learn Cosmos [ATOM] Price Predictions 2023-24

The provision zone at $13.000: Bull’s subsequent goal?

Supply: ATOM/USDT on TradingView

On the 12-hour chart, the Relative Energy Index (RSI) retreated from the overbought zone however confronted rejection on the midpoint of fifty. Though the RSI worth was at 51, denoting a gentle bullish sign, the Directional Motion Index (DMI) confirmed bull’s inexperienced line had the higher hand at press time. 

Due to this fact, ATOM might goal the rapid provide zone at $13.000 within the subsequent few days, providing a 15% potential acquire. 

How a lot are 1,10,100 ATOMs value as we speak?

Nonetheless, a breach beneath the assist vary of $11.552 – $11.072 would invalidate the bullish bias described above. The dynamic 100-day EMA (exponential transferring common) might preserve such a transfer in examine. 

ATOM’s OI’s momentum slowed, and sentiment improved

Supply: Coinglass

In response to Coinglass, ATOM’s open curiosity (OI) charge has declined since 13 January. In actual fact, there was an OI/value divergence between January 13 – 15, which was adopted by ATOM’s value decline. 

At press time, OI decline momentum was decreased, as evidenced by the sleek, shallow slope. Though it doesn’t solely level to a development reversal, rising costs might improve OI, boosting uptrend momentum. 

As well as, Santiment confirmed that ATOM’s destructive weighted sentiment decreased because it moved nearer to the impartial line, indicating that buyers’ outlook improved. Additional enchancment in sentiment might affect the value positively.  

Supply: Santiment

Nonetheless, the event exercise remained comparatively unchanged since 10 January and will undermine the bullish momentum. 

But when BTC regains the $21K area, the ATOM’s bulls may very well be tipped to focus on or surpass the provision zone at $13.000. Nonetheless, a bearish BTC might drive bears to interrupt beneath the $11.552 – $11.072 vary assist.