Instead of a powerful rally, the cryptocurrency industry has hit a wall as its prices were attempting to head up only to be stopped by a market-wide bearish wave. Of course, some were quicker to recover than others, and Cosmos (ATOM) is certainly among them.
While the coin’s price did drop after the surge that ended soon after Christmas, unlike most others, ATOM price is on its way to recovery already. At least, it is one of a handful of coins that have seen their price trading in the green in the last 24 hours.
Cosmos price history
Cosmos is a project whose coin, ATOM, went live in mid-March 2019. At the time, the crypto winter was at its end, and a series of price recoveries was about to start, but that did not stop the coin’s value to crash immediately after launch.
While ATOM went live with a price of $7.5 on March 15th, it dropped to $3.44 only 8 days later, hitting this level on March 23rd. After that, the coin made a series of attempts to bounce back up, and for the next month and a half, it fluctuated between this bottom and a resistance level at $5.5.
In June 2019, prices started recovering more seriously, and ATOM even managed to climb up all the way up to $7. Unfortunately, this was followed by a major price rejection that caused it to crash down to $2, reaching this new bottom in early September.
After that, The coin spent the next five months slowly growing, although every step of the way was a challenge and a struggle. In early 2020, it reacher a resistance at $5, and it was attempting to breach it until mid-March.
The market crash caused by the COVID-19 fears forced it back down to $2.5, and it wasn’t until early July 2020 that ATOM price started surging again. However, this particular surge led it to a new all-time high at $8.5. Naturally, immediately after reaching this milestone, the price corrected to $4 in early September, and while it did make a few attempts at growth, it encountered a strong resistance at $6 that prevented it from moving back up.
ATOM in 2021
Things became a lot more dynamic for ATOM in 2021, however. The biggest bull run in crypto history took Bitcoin up to $60,000 in the first few months of the year, and that definitely pulled the rest of the market alongside it. ATOM, which previously struggled to breach a resistance at $6, found itself trying to breach a resistance at $26 by mid-February, 2021. It also found a new bottom at $18, to which it usually dropped between late February and late April.
It hit a new ATH again in early May, but the mid-May price crash forced it back down to a support at $12. After struggling for months, the coin started seeing another surge in late July, which resulted in yet another new ATH which ATOM reached on September 19th, and this time — it went all the way up to $45.
For the next few months, it fluctuated between this resistance and a support at $32, only to end up dropping to $21 by mid-December. However, as the end of the month approached, ATOM saw one last surge that brought it up by $11, back to a resistance at $32, which once again rejected it immediately after Christmas. The 6% recovery that the coin saw in the last 24 hours means that it is once again trying to get back to $32 and challenge this resistance again, although it will first have to breach the one at $28 and turn this level into a support.
At the time of writing, Cosmos sits at $28.15, although it has yet to ensure that this level will become a new support that can prevent it from going back down.
To learn more about this token visit our Investing in Cosmos guide.
The post Cosmos (ATOM) Bounces Up 6% as the Rest of the Market Still Trades in the Red appeared first on Securities.io.
