Cosmos Price Analysis – April 20
The Cosmos price may find a halt at $24 as the price is down by 1.58% over the past 24 hours.
Resistance levels: $28, $30, $32
Support levels: $20, $18, $16
ATOM/USD is likely to cross below the 9-day moving average to find the nearest support below $24. However, after touching the daily high at $25.10, the Cosmos spikes lower into support at $24.09 before moving back to $24.28 where it is currently trading. Meanwhile, if the bears continue to push the market further lower, the immediate support below the $22 level may be located. Beneath this, further support could be found at $20, $18, and $16.
Cosmos Price Analysis: Would Cosmos Price Drop More?
The Cosmos price is yet to cross below the 9-day moving average, but if the crypto failed to move further bearish, the buyers may hold the current level of $24, and this may cause the price to climb higher. However, once this is done, the bulls may expect the immediate resistance to be located at $26 which could further face the upper boundary of the channel.
However, as the coin moves toward the channel, higher resistance could be located at the $28, $30, and $32 levels. Meanwhile, the technical indicator Relative Strength Index (14) is showing that the coin may follow the bearish movement as the signal line moves to cross below 40-level, which indicates that the market may begin a downward movement.
ATOM/BTC Market: Price Not Ready for the Upward Movement
Against Bitcoin, the Cosmos is seen trading below the 9-day and 21-day moving averages. Meanwhile, the long-term moving average may likely make a bearish cross as the market may be starting a new trend by moving towards the lower boundary of the channel.
Watching the current movement from above, if the bulls could push the Cosmos price to the upside; it could see the higher resistance at 700 SAT and above. In other words, if the bulls fail to hold the upside, then, the coin may begin to create another low as the technical indicator Relative Strength Index (14) moves below the 40-level. Therefore, any further bearish movement could bring the ATOM price to the support level of 500 SAT and below.