- ATOM’s price has risen marginally over the past 24 hours.
- The market indicators looked bearish, but the social metrics were positive.
After a week-long decline, Cosmos [ATOM] has been on an upward spiral over the past 24 hours. However, if the token is to deliver stunning performance, it must rise above a critical level.
Therefore, let’s analyze the token’s current performance to better understand whether investors should expect a bull rally from ATOM.
What barrier does ATOM have to overcome?
AMBCrypto’s research on the price of ATOM found that the price fell 1.6% over the past week, according to CoinMarketCap. However, things started to change when the daily chart turned green at press time.
At the time of writing, it was trading at $9.52 with a market cap of over $3.5 billion.
But according to CryptoTony, a popular crypto analyst recently posted a tweet emphasizing that for ATOM to continue its rally, it must break above the $10.3 mark.
Turn over $10.30 to continue. I’m still riding where I am from when I first shared this at the lows in October pic.twitter.com/Ur7ovEDVkr
— Crypto Tony (@CryptoTony__) December 2, 2023
AMBCrypto’s check of Hyblock Capital’s data revealed a similar possibility, as Cosmos’ liquidity registered a significant increase around $10.3.
However, before ATOM goes any further, it must cross a few more resistance levels. Remarkable, ATOMThe company’s liquidation also rose around $9.6.
Source: Hyblock Capital
This is what the statistics suggest
AMBCrypto’s analysis of Santiment’s data revealed that ATOM’s volume fell last week, reflecting lower investor willingness to trade the token. Price volatility 1w plummeted, further reducing the chances of a price increase.
Source: Santiment
However, ATOM remained in demand in the derivatives market, as evidenced by the green Binance Funding Rate. Furthermore, Coinglass showed that although the price of Cosmos increased slightly, Open Interest also increased.
An increase in Open Interest shows that there is a chance that the current price trend will continue.
Source: Coinglass
AMBCrypto then looked at ATOM‘s daily chart to see if investors should expect ATOM to break above $10.3 soon. ATOM’s MACD showed an ongoing battle between the bulls and bears.
Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) recorded slight declines, which seemed worrying for the token’s bull rally. Nevertheless, market sentiment around ATOM remained positive.
Source: TradingView
Read Cosmos’ [ATOM] Price prediction 2023-24
According to LunarCrush, ATOM‘s Interactions increased by over 110% last week. The country’s social dominance also increased by double digits.
One positive metric was Cosmos’ AltRank, which improved, indicating that the possibility of a continued uptrend cannot yet be ruled out.
Source: LunarCrush