Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of 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 certainly captured among the traders’ consideration. A latest article highlighted how ATOM additionally famous a slight constructive change when it comes to developer exercise and TVL in Q3.
Right here’s AMBCrypto’s Worth 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. Regardless that 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 circumstances?
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 "- Crypto and Coin")
Supply: ATOM/USDT on TradingView
Over the previous week, the value has fashioned a sequence 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 larger timeframe charts, and this bounce confronted stiff resistance within the $13.4-area.
The ascending trendline (white) may provide 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.
However, a transfer above $13.4 would doubtless presage a powerful transfer north for ATOM. Such a transfer may push the alt to $14 and presumably, as excessive as $14.8, which represented a area of resistance from late September.
The RSI stood at 46. Regardless that it fell under impartial 50, it didn’t present bearish momentum but on the time of writing. The OBV was additionally flat. This recommended that neither the patrons nor the sellers have been significantly robust. It additionally meant {that a} bullish breakout might 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 "- Crypto and Coin")
Coinglass knowledge 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 unfavorable 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 stress didn’t appear ample to power a bullish transfer on the value charts. And but, Bitcoin stood above its $19k assist. Therefore, a bounce may slowly drag ATOM north as effectively. To the south, a revisit to the $12.4-level may provide a short-term shopping for alternative and a extra bearish state of affairs may see ATOM fall to $10.6.
