Why ATOM needs to make $10 a support level
- ATOM’s value rose marginally within the final 24 hours.
- Market indicators appeared bearish, however social metrics have been optimistic.
After a week-long decline, Cosmos [ATOM] gained upward momentum within the final 24 hours. Nonetheless, if the token has to show a shocking efficiency, it should go above a important stage.
Subsequently, let’s dissect the token’s present efficiency to raised perceive whether or not buyers ought to count on a bull rally from ATOM.
Which barrier does ATOM must cross?
AMBCrypto’s examination of ATOM’s value confirmed that its value declined by 1.6% within the final week, based on CoinMarketCap. Nonetheless, issues began to alter as its every day chart turned inexperienced at press time.
On the time of writing, it was buying and selling at $9.52 with a market capitalization of over $3.5 billion.
However, as per CryptoTony, a well-liked crypto analyst not too long ago posted a tweet highlighting the truth that for ATOM to proceed its rally, it should go above the $10.3 mark.
Flip $10.30 for continuation. I nonetheless trip my place from when i first shared this on the lows in October pic.twitter.com/Ur7ovEDVkr
— Crypto Tony (@CryptoTony__) December 2, 2023
AMBCrypto’s verify on Hyblock Capital’s information revealed an identical risk, as Cosmos’ liquidity registered a substantial enhance close to the $10.3 mark.
Nonetheless, earlier than going above that, ATOM has to cross a number of extra resistance ranges. Notably, ATOM’s liquidation additionally elevated close to the $9.6 mark.
Supply: Hyblock Capital
That is what metrics recommend
AMBCrypto’s evaluation of Santiment’s information revealed that ATOM’s quantity dropped final week, reflecting a decrease willingness of buyers to commerce the token. Its Value Volatility 1w plummeted, which additional lowered the probabilities of a value uptrend.
Supply: Santiment
Nonetheless, ATOM remained in demand within the derivatives market, as evidenced by its inexperienced Binance Funding Fee. Moreover, Coinglass confirmed that whereas Cosmos’ value elevated barely, its Open Curiosity additionally rose.
A hike in Open Curiosity reveals that there’s a likelihood of the current value development persevering with.
Supply: Coinglass
AMBCrypto then took a have a look at ATOM’s every day chart to see whether or not buyers ought to count on ATOM to go above $10.3 anytime quickly. ATOM’s MACD displayed an ongoing battle between the bulls and the bears.
Each its Relative Power Index (RSI) and Cash Movement Index (MFI) registered slight downticks, which appeared regarding for the token’s bull rally. Nonetheless, market sentiment round ATOM remained optimistic.
Supply: TradingView
Learn Cosmos’ [ATOM] Price Prediction 2023-24
As per LunarCrush, ATOM’s Interactions elevated by over 110% final week. Its Social Dominance additionally rose by double digits.
A optimistic metric was Cosmos’ AltRank, which improved, suggesting that the potential of a continued uptrend can’t be dominated out but.
Supply: LunarCrush
