ATOM price rebounds, is a $13 prediction on the cards?
Journalist
Posted:
- ATOM maintained its bullish bias regardless of short-term value volatility.
- A transfer to $12.6 within the coming hours was doubtless, but it surely was unclear if the bulls may breach the HTF resistance.
Cosmos [ATOM] retraced by simply over 17% from the twelfth to the 18th of December. After revisiting the help degree at $10.3, ATOM costs had been fast to rebound. This hinted at a buyer-controlled market.
A latest AMBCrypto report highlighted that Cosmos’ community exercise has dropped, though costs have climbed larger. This may very well be a trigger for concern amongst holders.
The $12.5 territory was nonetheless in bearish arms
Supply: ATOM/USDT on TradingView
The one-day chart of ATOM confirmed that the market construction was bullish. After a take a look at of the $12.41 resistance, the 50% retracement degree at $10.3 was revisited. Thereafter, ATOM costs continued larger.
The bearish order block at $12.4-$12.95 has introduced a big impediment to ATOM bulls in December. The bullish construction meant a transfer larger was doubtless. The RSI was at 62, displaying robust upward momentum on the D1 timeframe.
The OBV was additionally trending larger since November. Nonetheless, it has seen quite a lot of volatility as promoting quantity abruptly ramped up.
Regardless of this, the formation of upper lows confirmed patrons have the higher hand.
A brief-term transfer to $12.6 was doubtless
Supply: Hyblock
The 12 hours earlier than press time noticed Bitcoin [BTC] costs bleed from $43.7k to $42.1k. Having collected the liquidity simply above $42k, BTC costs appeared able to ascend as soon as extra. This drop affected ATOM costs too.
ATOM fell to $11.75 and its Cumulative Liq Ranges Delta dived into damaging territory. AMBCrypto famous that this recommended that extra contributors had been prepared to go quick. Nonetheless, this improvement may see ATOM bounce larger to liquidate these late bears.
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The $12.3-$12.65 zone has a number of estimated liquidation ranges of $1.5M or extra. To the south, the $11.62-$11.7 area was a robust help zone. Within the quick time period, it’s anticipated that ATOM will climb to $12.6.
For swing merchants, a transfer previous $12.9 and a retest of the bearish OB would current a superb shopping for alternative, focusing on $13.4 and $15.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
