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Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation.
In accordance with Coinglass data, the Lengthy vs Shorts for Cosmos [ATOM] was skewed barely in favor of the longs on in style exchanges similar to Binance, FTX, and Okex over the previous 24 hours. For a similar time interval, Bitcoin [BTC] was extra impartial and Ethereum [ETH] noticed a slight benefit to the brief positions by way of quantity.
Their bullish bias over yesterday was justified as ATOM posted robust features from the $14.6 space. Can this momentum proceed over the weekend?
ATOM- 1-Hour Chart
Supply: ATOM/USDT on TradingView
A bit of greater than every week in the past ATOM noticed a robust transfer up from $12.8 to $17.19. On the best way up, the bulls had been really rebuffed of their makes an attempt to climb previous $17. The lengthy higher candle wick confirmed {that a} excessive quantity of promote orders lay above $16.8.
Within the days that adopted, the worth has stagnated just under the belt of resistance at $16.6 earlier than taking a pointy flip to the south. The Fibonacci retracement ranges (yellow) confirmed robust assist at $13.7 and $14.36 for the native token of Cosmos.
Over the following day or two, a session shut beneath $15.86 would point out one other rejection from the resistance zone at $16.4. Then again, a transfer above $16.8 and $17.2 might spell shopping for alternatives for shorter timeframe merchants.
Rationale
Supply: ATOM/USDT on TradingView
The Relative Energy Index (RSI) was in strongly bullish territory over the previous few days. It stood at 56.5 on the hourly timeframe on the time of writing. It has stayed above impartial 50 line to point out that the momentum has been northward lately. However based mostly on the worth motion, this might take a bearish shift over the following few days.
Alongside the worth, the Accumulation/Distribution (A/D) indicator additionally stood at a resistance zone. A breakout above the road (orange) marked on the indicator would present that purchasing strain was on the rise. This might result in a leg upward for Cosmos.
Conclusion
The symptoms confirmed that bullish momentum was robust previously couple of days. ATOM succeeded in reaching the $15.9-$16.6 resistance zone. At press time, a rejection appeared seemingly for Cosmos. A breakout previous $16.8 might flip the bias to bullish as soon as extra.
