Cosmos [ATOM]: Extra gains could be likely if this support holds

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

• ATOM may submit further good points to traders. 
• Sentiment improved, and buying and selling quantity elevated barely.

Cosmos [ATOM] posted over 55% good points 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 essential provide zone. 

At press time, ATOM’s value correction was quickly stopped by the bullish order block at $11.714 help. Bulls may launch a large restoration within the subsequent few days or perhaps weeks if the help proves regular. 

Learn Cosmos [ATOM] Worth 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 light bullish sign, the Directional Motion Index (DMI) confirmed bull’s inexperienced line had the higher hand at press time. 

Subsequently, ATOM may goal the rapid provide zone at $13.000 within the subsequent few days, providing a 15% potential achieve. 

How a lot are 1,10,100 ATOMs price immediately?

Nevertheless, a breach under the help vary of $11.552 – $11.072 would invalidate the bullish bias described above. The dynamic 100-day EMA (exponential transferring common) may preserve such a transfer in verify. 

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

Supply: Coinglass

In accordance with Coinglass, ATOM’s open curiosity (OI) charge has declined since 13 January. The truth is, 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 graceful, shallow slope. Though it doesn’t totally level to a development reversal, rising costs may enhance OI, boosting uptrend momentum. 

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

Supply: Santiment

Nevertheless, 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 could possibly be tipped to focus on or surpass the provision zone at $13.000. Nevertheless, a bearish BTC may pressure bears to interrupt under the $11.552 – $11.072 vary help.