The price of Cosmos (ATOM) could be set for a wild rally with a potential breakout against Tether (USDT) ahead of summer relief for altcoins.
Ethereum price saw a relief bounce from $1,600 to $1,800 ahead of merge sentiments leading to other altcoins like Cosmos breaking out in price. (Data feeds from Binance)
Price Analysis Of ATOM On The Weekly Chart
From the chart, the price of ATOM saw a weekly low of around $6.5, which bounced from that range and rallied to $11.3.
The price has built more momentum as it faces resistance at $17.
If the price of ATOM on the weekly chart continues with this bullish structure, it could quickly hit the $17 mark.
The volume shows decent buy bids, pushing the price of ATOM higher.
Weekly resistance for the price of ATOM – $17.
Weekly support for the price of ATOM – $6.5.
Price Analysis Of ATOM On The Daily (1D) Chart
The price of ATOM found strong support at around $6.2, with what seems to be an area of interest on the daily chart.
ATOM bounced from its support, forming a bullish trendline that acts as a support and has continued to maintain this structure.
At the point of writing, the price of ATOM is at $12, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $10.
If the 50 EMA region fails to hold the price, $9 would be a good support to hold sell-offs and for a possible price bounce.
With more buy bids, we could see the price of ATOM retesting at $16 -$17, which has been resistance on the daily chart.
The RSI for ATOM price on the daily chart is 65, indicating healthy buy bids for ATOM.
The volume for ATOM looks good, indicating positive signs for ATOM prices to trend higher.
Daily (1D) resistance for ATOM price – $17.
Daily (1D) support for ATOM price – $10, $9.
Price Analysis Of ATOM On The Four-Hourly (4H) Chart
The price of ATOM has shown a bullish breakout from a symmetric triangle on the 4H chart, with the price closing above it.
ATOM has struggled in this region, forming a range in a triangle with price rejecting from $11.5.
ATOM price is $12, trading above the 50 & 200 EMA with prices of $10.7 and $10 on the 4H chart. These prices would act as support areas for ATOM on the 4H chart.
Four Hourly (4H) resistance for ATOM price – $16.
Four hourly (4h) support for ATOM price – $10.7, $10.
A break below these support zones could send the price of ATOM to a region of $9, acting as a good support area.
Featured image from NewsBTC, Charts from TradingView.com
