- ATOM’s value is about to interrupt the $10 mark which is important for bullish sentiments to return to the market.
- ATOM is presently seeing elevated coin accumulation.
Bullish conviction set to return to the Cosmos [ATOM] market as altcoin ready to breach the $10 value mark, information from CoinMarketCap confirmed.
In mid-2022, ATOM logged a big value enhance. The altcoin went from $5.5 to $17.19, a 210% enhance and creating new assist on the $10-$10.8 space.
What number of ATOMs are you able to get for $1?
This bullish development, nonetheless, suffered a reversal within the wake of FTX’s collapse in early November as fell under $11.37.
With elevated ATOM accumulation final week, the alt may intention to maneuver again above the $10-$10.8 value degree. This might result in a full-blown return of constructive buyers’ sentiment. The buyers sentiment may thus drive up the worth of the token.
All the best way as much as…
At press time, an ATOM token was obtainable for $9.91, having seen value development of 6% within the final 24 hours. ATOM’s buying and selling quantity additionally registered a 49% development with elevated buying and selling throughout the similar interval.
Corresponding constructive actions of an asset’s value and its buying and selling quantity throughout the similar window interval typically point out a development continuation. Therefore, one would possibly anticipate ATOM’s value to develop additional.
Actions on a every day chart confirmed this place. A glace at ATOM’s Shifting Common Convergence Divergence (MACD) revealed a bullish intersection of the MACD line above the sign line on 23 December. This initiated the graduation of a brand new bull cycle, resulting in an 11% development in ATOM’s worth within the final ten days.
Additional, key momentum indicators, the Relative Energy Index (RSI) and Cash Stream Index (MFI) confirmed that ATOM was overbought. Mendacity northward of their respective impartial spots, the RSI and the MFI have been pegged at 59.73 and 81.64, respectively, at press time.
A 109.14x hike on the charts IF ATOM hits Bitcoin’s market cap?
The dynamic line (inexperienced) of the Chaikin Cash Stream (CMF) additionally rested above the middle line to return a constructive worth of 0.10.
When the CMF is constructive, it signifies that there’s extra shopping for than promoting and that liquidity flows into an asset. That is typically thought of a bullish signal, because it suggests robust demand for the cryptocurrency asset, and its value is more likely to proceed to develop.
Supply: TradingView
Lastly, an evaluation of ATOM’s Open Curiosity chart revealed an uptrend. Development in an asset’s Open Curiosity signifies that there continues to be a rally in demand for such an asset. This might result in an additional bounce in worth.
Supply: CoinGlass