Cosmos Struggles With $17 As Price Heads Into Distribution Phase

ATOM struggles to break $17 as the price gets rejected. The price of ATOM enters the distribution phase on a daily timeframe. ATOM’s price needs to hold the key support at $12 to maintain a bullish structure. Hidden bearish divergence resurfaces in the 4H timeframe. Cosmos (ATOM) has been the major player of the current relief bounce, with price rallying from a region of $6 to $17, with many paying so much attention to its ecosystem as this could prove to be a major player also in the bull run. The price of Cosmos (ATOM) showed so much strength, holding pretty well against tether (USDT) as the market continued to decline in price. Related Reading: Bitcoin Price Bottom To Take Place In Q4 This Year, Crypto Expert Predicts Cosmos (ATOM) Price Analysis On The Weekly Chart Despite a decline in its price from $45 to $6, over 70% decline from its all-time high, the price of ATOM showed great strength as price bounced from its weekly low of $6, rallying to a high of $17 before facing a rejection to break above that region to higher heights. The price of ATOM on the weekly chart looks strong despite seeing more sell orders lately as the price continues to hold. For ATOM to resume, its bullish sentiment price needs to rally and break above $17, as this has proven to be a resistance to ATOM prices. ATOM’s price is trading at $14.3 below its resistance; the price of ATOM needs to hold above $12 to avoid the price from going l...