ATOM Price Jumps Despite Bearish Sentiment! Cosmos To Hit $10 Soon?

Despite the ongoing market turmoil, the Cosmos price has displayed a positive price action by adding approximately 3% in its value, indicating a rising bullish sentiment for this altcoin in the crypto market.

However, the ATOM token has recorded a correction of 6.12% within the past week and 30.63% over the past 30 days, indicating a strong bearish influence in the long-term perspective.

Cosmos Price Hovers Close To Its Crucial Support Level:

The ATOM price started 2024 positively by adding 37.62% within the first two months. However, after facing rejection at the resistance level of $14.225, the altcoin displayed a neutral trend for about a week, indicating a cool-off in the price action for the Cosmos token.

As the volatility in the market grew, the bulls lost momentum and recorded a loss of 48.35%, resulting in the Cosmos token leveling all its gains from the price pump and recording a loss of -21.60% in its YTD return. On the other hand, the Cross EMA 50/200-day records a Death Cross, highlighting a bearish outlook.

The Relative Strength Index (RSI) displays a significant rise in the chart, indicating an increase in the positive sentiment in the crypto space. Furthermore, the averages show a bullish jump in the chart, suggesting the price will continue gaining value this week.

Will ATOM Price Go Back Up?

If the bulls continue to gain momentum, the ATOM crypto will test its resistance level of $8.950. Moreover, if the bulls hold the price at that level, it will set the stage for the Cosmos price to attempt to test its upper resistance level of $10.825 this month.

Negatively, if the bears overpowered the bulls, the Cosmos price would lose momentum and fall to test its crucial support level of $7.525. Furthermore, if the bears continue to hold power, the altcoin will plunge to test its new low of $6.240 in the coming time.

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