COSMOS – ALTCOIN CHART ANALYSIS

Cosmos (ATOM) is still in a clearly visible uptrend. This has been with us since mid-June. Since then, the price has more than doubled and we use our uptrend line as support.

We are currently trading at around $12.30. In the 4H chart we are at the monthly resistance R1. Furthermore, we have a bearish divergence in the RSI. So we have a lot of resistance above us.

The trading volume has recently decreased. So the trend is weakening. This suggests a minor correction to cool the indicators and possibly test the uptrend again.

On the daily chart, we now have an RSI close to overbought territory. This, coupled with the smaller timeframes, is also an indicator that we might see a correction.

The area around USD 10.80 – USD 11 is particularly interesting for this. There lies the uptrend and the 200-SMA (last 200 moving averages/purple) as support. From here a bounce would be desirable.

After that, we need to break USD 12.50 to clear the last resistance before we could start a renewed rally.

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