Cosmos (ATOM) has been on a phenomenal run over the past couple of days amid Bitcoin’s price slowing and even going through a bearish reversal. Since the end of the prior week, Cosmos has increased drastically amid high volumes of trading. In the past 24 hours alone, the famous Altcoin has gained 25 percent, setting a new all-time high price. The latest growth registers a fresh all-time high of more than $8.5 on ATOM/USD. Cosmos (ATOM) is the sixteenth largest digital asset with $1.66 billion in current market capitalization. ATOM/USD shifts price at $8.15 at the time of this post. Cosmos (ATOM) may lead the start of a big boom for DeFi, standing as a keen competitor to Ethereum, the biggest public blockchain on which most of DeFi projects are built. Cosmos has an edge over ETH, offering higher transactions throughput and interchain interoperability. ETH is also yet to solve its scaling issues, a top crypto exec sees Cosmos blockchain like an expanding universe which will grow to vast economic size.
*Since the end of the prior week, Cosmos has increased drastically amid high volumes of trading
*The latest growth registers a fresh all-time high of more than $8.5 on ATOM/USD
*Cosmos (ATOM) may lead the start of a Big boom for DeFi, standing as a keen competitor to Ethereum
Resistance Levels: $10.00, $9.30, $8.60
Support Levels: $7.54, $6.50, $5.50
ATOM/USD Daily Chart: Bullish
ATOM/USD Daily Chart
ATOM has withdrawn from the recent high to test the local support provided by the horizontal line of support slightly beneath $8.00. As seen in the above chart, this medium-term support is crucial for the token. Once this constraint has given way, the sell-off can be lengthened to a level of $7.0.
Any further downward trend appears doubtful at this level as the RSI stays in the bullish territory on the intraday charts and still beyond 70. On the positive, for the upside to increase traction, a sustaining move beyond the recent high is required. If it does, the priority may be on psychological $9.00.
ATOM/USD 4-Hour Chart: Bullish
ATOM/USD 4-Hour Chart
Since the obvious end of the prior week, Cosmos (ATOM) has been levitating. Cosmos is grappling with a retreat from a freshly registered high of $8.60, as observed on the 4-hour time frame. ATOM trades at $8.15 as bearish pressure loosens after the $8.60 rejection. Intriguingly, indicators like the RSI and the MAs still stay on the bullish side.
The RSI, for reference, still holds at 70 (the overbought side). This means that if support stays unchanged at $7.54, buyers might have an easier route to drive prices up to $8.60. Other support levels on the downside are illustrated at $7.00, and $6.50. The 4 hour MA 50 also offers support beyond MA 200 and its downside horizontal levels.
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