In new technical analysis, Cosmos is a fast-growing blockchain ecosystem that aims to build interconnected apps and services in the DeFi sector. This network allows users to use the Inter-blockchain communication protocol to exchange digital money and information across multiple decentralized blockchains. ATOM is the prime governance token of this ecosystem. Past Performance On April 8, 2021, ATOM started trading at $19.59. As of April 14, 2021, the closing price of ATOM was $27.07. Thus, in the past week, the ATOM price has surged by roughly 38%. In the last 24 hours, ATOM has traded between $26.79-$28.53. https://ift.tt/3mMU8Kq Day-Ahead and Tomorrow Currently, ATOM is trading at $27.55. The price has increased slightly from the opening price of $27.08. Thus, the market looks positive. The MACD and signal lines are negative. Plus, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish and we can expect a price pullback. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon. The OBV indicator is gradually falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the price to decrease. The RSI indicator is at 43%. It has just rallied from the 30% mark. Thus, buying pressures are slowly mounting. Hence, we can expect the price to start rising again in a few hours. ATOM Technical Analysis As per technical analysis, the price has fallen below the Fibonacci pivot point of $27.46. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $26.80 soon. The price has tested and fallen below 23.6% FIB retracement level of $27.20. If the price falls below the 23.6% FIB extension level of $26.38 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.
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