Cosmos Price Analysis – July 31
Cosmos (ATOM) slips to $10.5 as the coin may create a new low below the 9-day and 21-day moving averages.
Resistance levels: $15, $16, $17
Support levels: $8, $6, $4
ATOM/USD is experiencing a slight fall below the upper boundary of the channel, which could be subject to the price actions below the 9-day and 21-day moving averages. At the time of writing, the coin is likely to lose momentum towards the lower boundary of the channel along with a potential price surge.
Cosmos Price Analysis: ATOM Price May Suffer More
The Cosmos price remains above the 9-day and 21-day moving averages, but if the coin decides to stay under the control of bears, the market price could drop to hit the supports at $8, $6, and $4.
Meanwhile, on the upside, the bulls need to push the price above the upper boundary of the channel; crossing above this barrier may take the coin towards the resistance levels of $15, $16, and $17. More so, the technical indicator Relative Strength Index (14) is moving below the 60-level, indicating a sideways movement within the market.
ATOM/BTC Market: Price Could Move to the Downside
When compared with Bitcoin, the Cosmos price is likely to cross below the 9-day and 21-day moving averages within the channel. The coin is currently moving sideways as the price hovers at 451 SAT. Meanwhile, should the price head to the south, it could touch the support level at 350 SAT and below.
However, if the bulls could push the market price above the upper boundary of the channel, Cosmos (ATOM) may reach the resistance level of 600 SAT and above. Meanwhile, the technical indicator Relative Strength Index (14) confirms that the market may continue to range as the signal line moves in the same direction below the 60-level.