- The price of ATOM has risen slightly over the past 24 hours.
- Market indicators looked bearish, but social indicators were positive.
After a week of decline Cosmos (ATOM) It has gained upward momentum in the last 24 hours. However, if a token needs to perform amazingly, it needs to rise above a critical level.
Therefore, to better understand whether investors should expect an upward rally for ATOM, let us analyze the token’s current performance.
What barriers must ATOM overcome?
AMBCrypto’s research into ATOM prices shows that the price has fallen 1.6% over the past week. CoinMarketCap. However, things are starting to change with the daily chart turning green at press time.
At the time of this writing, it was trading at $9.52, with a market capitalization of over $3.5 billion.
However, according to CryptoTony, a prominent cryptocurrency analyst recently posted a tweet highlighting the fact that ATOM needs to surpass $10.3 to continue its upward trend.
Flip $10.30 to continue. I still hold my positions from when I first shared the low in October. pic.twitter.com/Ur7ovEDVkr
— Crypto Tony (@CryptoTony__) December 2, 2023
AMBCrypto’s check of data from Hyblock Capital revealed similar possibilities, with Cosmos’ liquidity recording a significant increase near $10.3.
But before going beyond that, ATOM needs to clear a few more resistance levels. especially, atomThe liquidation amount also increased to near $9.6.
Source: Hiblock Capital
This is what the indicator suggests
AMBCrypto’s analysis of Santiment’s data shows that ATOM’s trading volume has decreased over the past week. This reflects a lower investor willingness to trade tokens. Price volatility plummeted by 1w, further reducing the potential for price increases.
Source: Santiment
However, ATOM was still in demand in the derivatives market, as evidenced by its green Binance funding rate. Coinglass also found that while the price of Cosmos rose slightly, open interest also increased.
A rise in open interest shows that the current price trend is likely to continue.
Source: Coinglass
AMBCrypto looked at: atomCheck out the daily chart to see if investors should expect ATOM to break above $10.3 any time soon. ATOM’s MACD showed an ongoing battle between bulls and bears.
Both RSI (Relative Strength Index) and MFI (Money Flow Index) recorded slight declines, which raised concerns about the token’s rally. Nonetheless, market sentiment surrounding ATOM remained positive.
Source: TradingView
read Cosmos (ATOM) Price Prediction 2023-24
According to LunarCrush, atomYour interactions have increased by over 110% in the last week. Social dominance also increased by double digits.
Cosmos’ AltRank has improved positively, suggesting that the possibility of a continued upward trend cannot be ruled out.
Source: LunarCrush