Cosmos (ATOM) Breaks Trendline, Eyes Bullish Reversal
Key Takeaways
The cryptocurrency Cosmos (ATOM) recorded a 6% price increase within 24 hours. A crucial factor for a potential continuation of the upward trend is the price level of 5 US dollars. The market currently shows signs of stabilization, but the further development strongly depends on whether ATOM can hold above this level.
ATOM Breaks Downward Trend – What Does It Mean?
ATOM managed to break a downward trendline on the daily chart. Such trendlines often mark resistance levels, and breaking through them can indicate a trend reversal. The price approached the psychologically and technically important 5 US dollar mark. A stable breakout above this level could unlock further upward potential in the medium term.
Why the 5-Dollar Level Is Crucial
The area around 5 US dollars currently acts as a key resistance. If ATOM closes above this level and holds, it would be a bullish signal. Otherwise, a correction could occur, pushing the price down toward 4.30 US dollars. This level serves as the next closest support zone.
Market Indicators Suggest Uncertainty
The MACD (Moving Average Convergence Divergence), a technical trend indicator, currently shows only a weak bullish tendency. Its proximity to the signal line suggests a phase of consolidation. This means the market could move sideways at first before a clear trend emerges.
Liquidations Indicate Resistance and Support Zones
An analysis of liquidation data on Binance shows high activity around the 4.87 US dollar level. Long positions worth over 233,000 US dollars were liquidated there. Additional liquidation zones are located at 4.68 and 4.57 US dollars. These areas could act as short-term supports. A rise above 5 US dollars, on the other hand, could put pressure on short positions and lead to further buying momentum.
Spot Trading Volume and Capital Flows
Binance recorded the highest trading volume for ATOM at 15.21 million US dollars. It was followed by Bybit with 4.70 million and Coinbase with 3.92 million US dollars. Notably, Coinbase saw an outflow of around 463,000 US dollars, while Kraken, OKX, and Coinbase as a whole recorded positive inflows. These data suggest that investors are currently acting cautiously – some are taking profits, while others are betting on further price increases.
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Our Assessment
ATOM is showing short-term bullish signals, but the area around 5 US dollars remains critical. A sustained breakout above this level could unleash further upward potential. However, technical indicators and liquidation data urge caution: the market has not yet clearly positioned itself in one direction. Investors who are already in ATOM or considering entry should closely monitor price movements around the 5-dollar mark.
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