Cosmos blockchain community simply rolled out an essential improve known as Gaia v7.0.0 which can allow interchain accounts. In the meantime, its native cryptocurrency ATOM recorded a slight uptick throughout Tuesday’s buying and selling session. Ergo, the query – Did this have one thing to do with ATOM’s newest value motion?
ATOM has been on a southbound trajectory since peaking at $33.29 in the course of the begin of April. Its bearish efficiency has already undone its March good points and pushed it nearer to its February lows.
ATOM was buying and selling at $24.44, on the time of writing, following 2.34% good points over the past 24 hours. Value declaring, nonetheless, that its weekly efficiency was down by 16.89%.
Supply: TradingView
The cryptocurrency has been buying and selling inside a help and resistance vary since September final yr. It encountered sturdy friction on the $26-price stage because the bears ran out of momentum. And, it seems like the value will respect the help line. ATOM’s RSI has been buying and selling beneath its impartial stage however not oversold and the MFI additionally confirmed outflows over the previous few days.
A bounce above help in oversold circumstances?
Quite the opposite, on ATOM’s 4-hour chart, its RSI and MFI had been briefly oversold throughout Tuesday’s buying and selling session. Even so, it has since bounced again.
Nevertheless, the value motion lacks sufficient momentum to yield a robust restoration. Maybe, this can be as a result of the 50-day shifting common just lately crossed the 200-day MA from above.
Supply: TradingView
The DMI did, nonetheless, register a decline in pattern momentum and is but to spotlight a robust uptrend. It’s at the moment unclear whether or not ATOM will take pleasure in some upside over the subsequent few days, however a have a look at a few of its on-line metrics might present a greater view.
Santiment’s quantity and market cap metrics loved a wholesome uptick from 10 April to 12 April. Nevertheless, they’ve additionally shed a few of these good points over the past 24 hours. The market cap continues to be greater than it was 2 days in the past, however solely by a small margin.
Supply: Santiment
DOT’s developer exercise metric additionally flashed a notable uptick in the course of the week, maybe in preparation for Tuesday’s improve. Though the v7-Theta improve coincides with the cryptocurrency’s bounce from help, it has clearly not been sufficient purpose to gasoline heavy accumulation.
