Technical Analysis: ATOM Hits 1-Week High — AXS, LEO, THETA Dip Lower
Despite Thursday’s selloff in cryptocurrencies, cosmos managed to hit its highest level in the last week. The rally came as one of yesterday’s big gainers, THETA, slipped in today’s session. Biggest gainers
Cosmos (ATOM) moved higher in today’s session, despite the global cryptocurrency market cap falling by over 3% as of writing.
ATOM/USD rose to a peak of $30.79 earlier today, following its climb from yesterday’s low of $27.97.
This recent surge in the price of ATOM, comes after a Valentine’s day bounce of its support level at $25.90.
Since being hit by cupid’s arrow, ATOM/USD has had four consecutive sessions of higher highs, leading to Thursday’s run. ATOM/USD – Daily Chart
Today’s move also saw ATOM break out of its resistance level at $29.20, however as the day progressed, profit-takers liquidated positions, leading to the 1D candlestick fading.
This false breakout has also seen the 14-day RSI held at resistance of 47, a level which it has been unable to climb over in the last 10-days.
Should price strength be lessening, we may soon see some consolidation in the price of cosmos.
Biggest losers
Although SAND, AXS, and LEO were all deep into the red on Thursday, it was THETA that fell by the most in the top 100.
Coming off the back of a $3.98 high yesterday, THETA fell to a low of $3.60 during today’s session, nearing a 10% loss in the process.
Thursday’s selloff began after prices approached the resistance of $4.00, and now look set to fall to support at $3.48. THETA/USD – Daily Chart
Price strength also faded, with the RSI falling to its own support of 50.20, after being held up at resistance at 58.65.
Many now wait to see if THETA will continue with this consolidation, and trade sideways between support and resistance.
However, as long as we continue to linger at these levels, bulls will likely continue to circle. Tags in this story Analysis, axs, Cosmos, cosmos (ATOM), LEO, Theta
Will THETA rebound in tomorrow’s session? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Fall Lower Against USD MARKET UPDATES | 9 hours ago Technical Analysis: AVAX Enters Crypto Top 10, as NEO, THETA Also Gain MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCanadian Police Freeze Crypto Wallets Tied to Freedom Convoy Protests — Vow to Take Back Ottawa in Entirety Next articleUmbria Launches AVAX Cross-Chain Bridge Solution, Claims Tech Is 90% Cheaper Than Alternative Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFarmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead
American social game developer Zynga has plans to launch non-fungible token (NFT) games in the near future. Zynga’s vice president of blockchain, Matt Wolf, told the press that the company is looking at the cycle right now and “figuring out ... read more.PUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects McDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030 JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead