Cosmos Price Analysis – January 21
At the time of writing, the Cosmos is being attacked by the bears as the price drops slightly with its intraday movement.
ATOM/USD Market
Key Levels:
Resistance levels: $46, $48, $50
Support levels: $30, $28, $26
ATOM/USD sudden drop disappointed the traders as the market is trying to focus on the upward movement. However, a slight improvement has been felt as the coin changed and turned green yesterday, but the chances of getting a profitable intraday closure are much lower. Therefore, the coin may likely visit the higher lows if the 9-day MA crosses below the 21-day MA.
Cosmos Price Analysis: ATOM Price May Move Downside
As for now, the Cosmos price is changing hands at $37.12 where it faces down. If the price rises again and break above the upper boundary of the channel, the coin may continue its upward movement to create a new high. Meanwhile, the nearest resistance levels the coin might likely reach are located at $46, $50, and $52 but moving towards the lower boundary of the channel may hit the support levels at $30, $28, and $26 respectively which may continue to give a low trading volume as the technical indicator Relative Strength Index (14) remains below 60-level.
ATOM/BTC Market: Cosmos Price is Likely Come Down
Against Bitcoin, the Cosmos price is moving towards the 9-day and 21-day moving averages but with a bearish candle that is just coming up. The coin is likely to move the upper boundary of the channel. However, the technical indicator Relative Strength Index (14) is likely to move sideways movement. Therefore, a possible drop may surface, and the support level could be located at 8400 SAT and below.
However, if the Cosmos makes a cross above the channel, it could reach the resistance level of 1100 SAT and above, but the bulls may have to gather enough momentum to be able to push the price to the north. Nevertheless, the trading volume is yet to surface but it may start rising once the technical indicator turns upward.
