In this chart, the Cosmos coin, ATOM price action displayed a steady correction phase. The coin’s value plummeted by half and landed on the $20 support level. The price attempts a recovery phase after receiving solid support from this bottom level, beginning with key resistance levels near the $25 mark.
The Cosmos coin, ATOM entered a correction phase on October 26th after failing to break over the All-Time High resistance of $44.5. ATOM price fell to the 0.618 Fibonacci retracement level during this modest drop, suggesting a nearly 50% markdown in its value.
In its chart, the RSI shows a significant recovery.
The ATOM coin price has been fluctuating between $26 and $20 for more than three weeks. During this consolidation period, this pair received sufficient demand pressure from the bottom support, preparing for a bullish reversal.
Today, the coin has a long bullish candle with a gain of $13%, having broken through a confluence of key resistance levels, signaling a great long opportunity for crypto traders.
These are the levels of resistance:
1. A $26.2 horizontal level
2. FIB level of 0.5
3. On both the daily and 4-hour charts, there is a 200 EMA.
As a result, coin purchasers must recapture this resistance level in order to start a new rally.
At the time of publication, the ATOM coin was selling at $26.7, up 13% on the day. The volume change over the last 24 hours is $511.9 million, suggesting a 72 percent increase. The coin is now ranked 30th on coinmarketcap, with a market capitalization of $6 billion (++15.7).
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