Cosmos (ATOM) Price Surges to $8.89 After Brief Bullish Wave

• Cosmos (ATOM) price analysis is bullish for today.
• ATOM/USD rose to $8.93 and dropped sharply.
• The support for ATOM is present at the $8.74 level.

Cosmos (ATOM) price analysis is bullish for today as the cryptocurrency is in bullish form, after a brief bearish wave that was seen earlier today. The cryptocurrency has been in a steady uptrend and is currently trading at $8.89, up from an intraday low of $8.74 earlier this morning. The bulls are in control of the market and have pushed ATOM/USD above the $8.74 support level, reaching a high of $8.93 before the price dropped sharply.

The immediate support for ATOM is present at the $8.74 level, which was its previous resistance before being broken by the bulls. If this support level holds, ATOM/USD could move higher and test the $9.00 resistance level in the coming days. On the other hand, if ATOM/USD drops below $8.74, the cryptocurrency could move lower and test its $8.50 support level.

The one-day Cosmos price analysis is going positively for the cryptocurrency as there has been a considerable amount of increase in the price value. The price has surpassed the crucial resistance present at the $8.93 level today and is aiming for a further higher level. Currently, the price has reached $8.89, gaining 1.18 percent at the time of writing.

The moving average (MA) for the 1-day chart is at $9.23 as there has been bullish activity during the last week as well, but the SMA 20 is still trading below the SMA 50. At the same time, the Bollinger bands are making an average of $9.70 in the 1-day ATOM/USD price chart.

The Bollinger bands are showing high volatility for the ATOM price function as its upper and lower values are situated at the following marks; the upper limit is at $10.79, whereas the lower limit is at $8.61, also indicating the volatility has been towards the higher side for the day. The Relative Strength Index (RSI) score is 40.46, and the indicator is at the center of the neutral zone.

The 4-hour Cosmos price analysis chart shows the price is going high once again as the bulls have gained back their momentum during the past couple of hours. The ATOM/USD price is settled at $8.89 and is expected to increase further in the coming hours. A swing high towards $8.93 was also observed at an instance, but resistance is also quite strong at that level.

The moving average is at the $8.82 level for the 4-hour price chart as the bulls have gained the advantage of the situation as they have been able to reverse the continuous bearish trend. The Bollinger bands indicator shows the following values; the upper value is $9.25, and the lower value is $8.45, hinting at the scope for price fluctuations. The RSI score has also undergone improvement because of the recent uptrend and has reached the index of 35.54 as it moves toward the overbought region.

Overall, the price trend of ATOM/USD has been positive in the past few hours. The bulls have managed to overcome the resistance present at the $8.93 level and are now aiming for a higher price target. The technical indicators are also showing signs of bullishness as confirmed by one-day and 4-hour price analysis charts.

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