- Cosmos (ATOM) has been one of the best-performing altcoins on Friday.
- The coin may be vulnerable to the downside correction within the long-term bullish trend.
Cosmos (ATOM) has gained over 14% on a day-to-day basis to trade at $4.96 at the time of writing. The coin moved to the 18th position in the cryptocurrency market rating with the current market value of $946 million. ATOM/USD topped at $5.20 during early Asian hours before the correction started.
Coinbase now supports Cosmos
ATOM is now live at http://Coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive, or store ATOM.
This news might become an additional bullish trigger for the coin on Friday.
ATOM/USD: technical picture
Cosmos’s coin bottomed at $1.9 on September 5, 2019, and has been moving within a clear upside trend since that time. Now the initial support is created by SMA50 daily on approach to $4.0. Once it is broken, the sell-off is likely to gain traction with the next focus on $3.7. This critical support area is created y a combination of SMA100 daily and the upside trendline from September 5 low. This area may slow down the downside correction and trigger another bullish wave; however, a sustainable move below the trendline will negate the long-term bullish scenario and create a pre-condition for an extended sell-off towards $3.5 (SMA200 daily) and psychological $3.0.
On the upside, we will need to see a sustainable move above $5.0 for the upside to gain traction and take the price to the recent high of $5.4. Once it is out of the way, the buying pressure is likely to intensify with the next focus on $6.00 and $7.20, which is the highest level since the beginning of June 2019.