Technical Analysis: ATOM Hits 1-Week High — AXS, LEO, THETA Dip Lower
Despite Thursday’s selloff in cryptocurrencies, cosmos managed to hit its highest stage within the final week. The rally got here as one in all yesterday’s massive gainers, THETA, slipped in immediately’s session.
Cosmos (ATOM) moved greater in immediately’s session, regardless of the worldwide cryptocurrency market cap falling by over 3% as of writing.
ATOM/USD rose to a peak of $30.79 earlier immediately, following its climb from yesterday’s low of $27.97.
This latest surge within the worth of ATOM, comes after a Valentine’s day bounce of its help stage at $25.90.
Since being hit by cupid’s arrow, ATOM/USD has had 4 consecutive periods of upper highs, resulting in Thursday’s run.
Today’s transfer additionally noticed ATOM get away of its resistance stage at $29.20, nonetheless because the day progressed, profit-takers liquidated positions, resulting in the 1D candlestick fading.
This false breakout has additionally seen the 14-day RSI held at resistance of 47, a stage which it has been unable to climb over within the final 10-days.
Should worth power be lessening, we could quickly see some consolidation within the worth of cosmos.
Although SAND, AXS, and LEO have been all deep into the pink on Thursday, it was THETA that fell by probably the most within the high 100.
Coming off the again of a $3.98 excessive yesterday, THETA fell to a low of $3.60 throughout immediately’s session, nearing a ten% loss within the course of.
Thursday’s selloff started after costs approached the resistance of $4.00, and now look set to fall to help at $3.48.
Price power additionally pale, with the RSI falling to its personal help of fifty.20, after being held up at resistance at 58.65.
Many now wait to see if THETA will proceed with this consolidation, and commerce sideways between help and resistance.
However, so long as we proceed to linger at these ranges, bulls will probably proceed to circle.
Will THETA rebound in tomorrow’s session? Let us know your ideas within the feedback.