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The Cosmos token has landed today in the second position as the cryptocurrency with the second most movement so far. The token’s price has increased by 7.76% today. However, this doesn’t guarantee that more movements will follow. To that effect, let’s take a closer look at the market for insights.
Cosmos Statistics:
Current ATOM Value: $8.55
ATOM Market Cap: $3,313,954,032
Cosmos Circulating Supply: 390,930,671
Cosmos Total Supply: 390,930,671
ATOM CoinMarketCap Rank: 29
Key Price Levels:
Resistance: $9.00, $10.00, and $11.00
Support: $8.00, $7.00, and $6.00
ATOM’s Price Action Is Trying to Pick up Toward the $9.00 Mark
ATOM’s Price Action Is Trying to Pick up Toward the $9.00 MarkPrice activity in the Cosmos market crashed significantly over the previous session. The most significant of those crashes was seen on the 12th and 13th of April. Ever since the market has obtained support at the 78.70 Fibonacci Retracement Level. At this point, a pattern has formed, suggesting that the market is making a second attempt to rise considerably higher.
The current session has brought the market above the green Guppy Multiple Moving Average (GMMA) curves. Also, the Stochastic Relative Strength Index (SRSI) indicator lines have performed a bullish crossover, and the lines of the indicator have risen above the 70 mark. With the coin now trading above most of the green GMMA lines, traders can still aim higher by using crypto signals with higher targets.
Cosmos May Have Secured the Needed Push for Further Price Increase
Cosmos May Have Secured the Needed Push for Further Price IncreaseIn the ATOM 4-hour market, we can see that price activity now lies above the GMMA indicator lines. However, it is worth noting that price movement has seen a considerable volatility decline, considering the size of the last two price candles on the chart.
At the same time, the SRSI indicator lines are too dilated for such a minimal price increase. Consequently, the exaggerated movement of the SRSI indicator lines may be hinting that the market may not experience too much movement from here on out. Therefore, for traders who might want to target higher price levels, picking a target at the $9.00 mark may still prove reasonable.
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