Cosmos Price Analysis – August 8
Cosmos may lack short-term and medium-term support, but if the price rises further, the coin is likely to face moderate volatility in the market soon.
Resistance levels: $16, $18, $20
Support levels: $7, $5, $3
ATOM/USD is currently trading around the $11.6 level above the 9-day and 21-day moving averages. In the range of the descending channel, the closest support is located at $10, with a close resistance at $12. Meanwhile, if the bullish movement increases, additional resistance can be found above the upper boundary of the channel.
Cosmos Price Analysis: Cosmos Read to Go Bullish
As revealed by the daily chart, it is obvious that the Cosmos market may likely create more bullish trends once the coin breaks above the upper boundary of the channel, and this is noticeable for the technical indicator Relative Strength Index (14) as the signal line moves to cross into the overbought region.
At the time of writing, the market keeps moving positively towards the north and it is likely to touch the nearest resistance of $12. On the contrary, any bearish movement below the daily low at $11.2 may lead the coin to a serious downtrend below the 21-day moving average and the support levels for the coin may be located at $7, $5, and $3, while the resistance levels could be found at $16, $18, and $20 respectively.
ATOM/BTC Market: Price May Head to the Downside
When compared with Bitcoin, the Cosmos price is hovering at 487 SAT and the support level is built around 450 SAT. However, the resistance is set at 500 SAT because the market price is still likely to cross above the upper boundary of the channel. Technically, the price continues to move above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) remains above the 60-level.
However, if the Cosmos price crosses below the moving averages, ATOM/BTC may likely hit the support level AT 350 SAT and below. Moreover, any bullish movement above the channel could allow the market to form a new upward trend and may reach the potential resistance at 650 SAT and above.