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ATOM AND HARMONY – RECOVERY AFTER DUMP?

 


You chose Cosmos (ATOM) and Harmony (ONE) this weekend. What's next for these altcoins after the big dump? Has the bottom already been reached for a long time?


Cosmos (ATOM), like the other altcoins, has been hit hard over the past few days. In the meantime we were below the psychologically important 30 USD mark. The price has since recovered significantly.


We are currently at around USD 33.00 and have now found resistance above us again. Above us are the 4H-EMA ribbons, which have already flipped bearish (red).



Also here are the 200-EMA and the 200-SMA (last 200 moving averages/purple), which also represent strong resistance. In order to break through this, we need significantly increasing volume.


The picture is even clearer on the daily chart. A double top has been emerging here for days. This stands for a bearish trend reversal. Trading volume was significantly down during the second high.


At the same time, we formed a bearish divergence in the RSI , which has now played out. However, here we have found support at the 200-SMA on the daily chart and within our green support zone.



The important thing now is that we can maintain this level and not fall below it. Otherwise, we may dip once more into the $24 area.


A bearish divergence in the RSI has also emerged in the ATOM/BTC daily chart. After we saw a new all-time high here, the correction followed a short time later.


Here the Daily-EMA Ribbons have given us support once again and so we are still in an uptrend. At the same time, the monthly support R1 served as additional support in this area.



If these support areas break, a correction would bring us to around 0.008 BTC. Below that, it looks bad at first and a next bounce would only be possible in the range of around 0.006 BTC


Harmony (ONE) has also seen a strong correction. After we formed a new all-time high in mid-January, it fell by more than 50% to USD 0.16 in the meantime.


In the meantime, the price has caught up again and we are trading at around USD 0.21. Now, however, we come to a strong resistance. Most recently, we were rejected and sold off at monthly resistance P.



At the same time, there is a thick key level here, which represents strong resistance and goes up to around USD 0.23. We must sustainably break through this so that we can really speak of the end of a correction.

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