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Does ATOM need to make $10 a support level?

2min Read

Cosmos must go above a key resistance level of $10.3 in order to initiate a bull rally. 

Analyzing whether ATOM can cross $10

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  • ATOM’s price rose marginally in the last 24 hours. 
  • Market indicators looked bearish, but social metrics were positive. 

After a week-long decline, Cosmos [ATOM] gained upward momentum in the last 24 hours. However, if the token has to display a stunning performance, it must go above a critical level.

Therefore, let’s dissect the token’s current performance to better understand whether investors should expect a bull rally from ATOM.

Which barrier does ATOM need to cross?

AMBCrypto’s examination of ATOM’s price showed that its price declined by 1.6% in the last week, according to CoinMarketCap. However, things started to change as its daily chart turned green at press time.

At the time of writing, it was trading at $9.52 with a market capitalization of over $3.5 billion.

But, as per CryptoTony, a popular crypto analyst recently posted a tweet highlighting the fact that for ATOM to continue its rally, it must go above the $10.3 mark.

AMBCrypto’s check on Hyblock Capital’s data revealed a similar possibility, as Cosmos’ liquidity registered a considerable increase near the $10.3 mark.

However, before going above that, ATOM has to cross a few more resistance levels. Notably, ATOM’s liquidation also increased near the $9.6 mark.

Source: Hyblock Capital

This is what metrics suggest

AMBCrypto’s analysis of Santiment’s data revealed that ATOM’s volume dropped last week, reflecting a lower willingness of investors to trade the token. Its Price Volatility 1w plummeted, which further reduced the chances of a price uptrend.

Source: Santiment

However, ATOM remained in demand in the derivatives market, as evidenced by its green Binance Funding Rate. Additionally, Coinglass showed that while Cosmos’ price increased slightly, its Open Interest also rose.

A hike in Open Interest shows that there is a chance of the present price trend continuing.

Source: Coinglass

AMBCrypto then took a look at ATOM’s daily chart to see whether investors should expect ATOM to go above $10.3 anytime soon. ATOM’s MACD displayed an ongoing battle between the bulls and the bears.

Both its Relative Strength Index (RSI) and Money Flow Index (MFI) registered slight downticks, which looked concerning for the token’s bull rally. Nonetheless, market sentiment around ATOM remained positive.

Source: TradingView

Read Cosmos’ [ATOM] Price Prediction 2023-24

As per LunarCrush, ATOM’s Interactions increased by over 110% last week. Its Social Dominance also rose by double digits.

A positive metric was Cosmos’ AltRank, which improved, suggesting that the possibility of a continued uptrend can’t be ruled out yet.

Source: LunarCrush


Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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