Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation.
- ATOM consolidates beneath resistance, OI down barely
- A bullish breakout may rely largely on a transfer above $19.6k for Bitcoin
The discharge of the Cosmos Hub Roadmap 2.0 gave a one-year guideline during which stakeholders can anticipate up to date options on the Cosmos Hub. It absolutely captured a few of the traders’ consideration. A current article highlighted how ATOM additionally famous a slight optimistic change by way of developer exercise and TVL in Q3.
Right here’s AMBCrypto’s Value Prediction for Cosmos [ATOM] in 2022
The worth charts weren’t as rosy, particularly on the decrease timeframes. Bitcoin stuttered across the $19.4k-mark at press time. Although it sat atop assist, the rejection at $20.4k just a few days in the past meant the momentum favoured the bears. Can ATOM see a bullish breakout in these situations?
ATOM stalls, however decrease timeframe construction stays bullish
![Cosmos [ATOM] gathering steam beneath resistance band](https://statics.ambcrypto.com/wp-content/uploads/2022/10/PP-1-ATOM-price-1.png)
Supply: ATOM/USDT on TradingView
Over the previous week, the value has shaped a collection of upper lows. Extra importantly, it broke the earlier decrease highs at $12.54 and $12.84 to ascertain a short-term uptrend. This was extra of a bounce for increased timeframe charts, and this bounce confronted stiff resistance within the $13.4-area.
The ascending trendline (white) may supply some assist to the value. A session shut under $13 would flip the decrease timeframe construction to bearish but once more. This might see the value drop again to the $12.35-$12.4 assist zone.
Then again, a transfer above $13.4 would possible presage a robust transfer north for ATOM. Such a transfer may push the alt to $14 and probably, as excessive as $14.8, which represented a area of resistance from late September.
The RSI stood at 46. Although it fell under impartial 50, it didn’t present bearish momentum but on the time of writing. The OBV was additionally flat. This prompt that neither the patrons nor the sellers have been significantly sturdy. It additionally meant {that a} bullish breakout may very well be extra unlikely.
Open Curiosity dips as brief sellers discover a small benefit
![Cosmos [ATOM] gathering steam beneath resistance band](https://statics.ambcrypto.com/wp-content/uploads/2022/10/PP-1-ATOM-longvshort.png)
Supply: Coinglass
Coinglass information revealed that the earlier 24 hours had a slight bearish skew on the Futures market. The Lengthy/Quick ratio indicated the bears had a slight numerical benefit. The funding rate for ATOM was in unfavourable territory. This meant brief positions paid funding to longs. The 24-hour Open Interest behind ATOM additionally declined by 2.4%, on the time of writing.
Taken collectively, the shopping for strain didn’t appear enough to pressure a bullish transfer on the value charts. And but, Bitcoin stood above its $19k assist. Therefore, a bounce may slowly drag ATOM north as nicely. To the south, a revisit to the $12.4-level may supply a short-term shopping for alternative and a extra bearish situation may see ATOM fall to $10.6.