The cryptocurrency market took a dive on December 29. Bitcoin has retreated to around $46K, and this price movement has created panic across the crypto market. However, the dips have not prevented some few altcoins from making slight gains. One of the altcoins that are still gaining despite this dive is ATOM. Cosmos is trading at $28.26 at the time of writing after an 8.1% gain in 24 hours.
ATOM price analysis
Since mid this month, ATOM has been making notable gains. The slight uptrend was disrupted earlier this week after the broader market made a dip. However, ATOM seems to be leading in the price recovery.
This altcoin could continue with this uptrend if there is a continuation of buyer support. Currently, most buyers are staying away from the market because of the increased price volatility. However, the few still in the market could drive major price gains, with the altcoin managing to break past the resistance level at $30.
The uptrend is even more likely if the broader market recovers, at which point ATOM could set the next target at $40.
On the downside, there is also a possibility that ATOM could move to low levels. Such price actions could easily be reached if there is selling pressure. In this case, ATOM could push towards the lower support level at $25.
ATOM could also undergo more dips as the price makes a correction after the false breakout that happened last week. As such, it could push towards the lows of $22. This could attract buyers that want to accumulate more coins during the dip.
The Cosmos blockchain is one of the most popular ones in the crypto market because it aims to solve interoperability, one of the sector’s major limitations. To achieve this, Cosmos intends to build an internet of blockchains, where different blockchains can seamlessly interact with each other. This can bolster efficiency in the blockchain world.
Where to buy ATOM
If you want to buy ATOM during the current uptrend, you can open a cryptocurrency exchange account on eToro. eToro is a leading social copy trading platform highly recommended for beginner traders. Its user-friendly interface makes it easy for a new trader to use the platform. The exchange’s trading fees are also competitive.
Your capital is at risk.
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