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10.11 - 16:47
Cosmos: Traders can long ATOM here before the next upswing
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Of late, ATOM has reaped the benefits of a risk-on broader market. The altcoin registered a 30% jump over the last three days and finally broke north of its down-channel – A setup that lasted for a few weeks. Since hitting a 1-month high of $44, ATOM’s bullish momentum has cooled off as the RSI flashed overbought readings.
Its trajectory now depends on near-term support levels which are aimed at thinning losses and triggering a rebound. At the time of writing, ATOM was trading at $39.1, up by 10% over the last 24 hours.
Source: ATOM/USD, TradingView
ATOM’s down-channel appeared after a massive rally took place at
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