Cosmos Clings To $12 As Price Struggles, Will This Region Act As Strong Support?

ATOM’s price shows strength as price breaks bounced off from $12 with good volume with eyes set to reclaim $13. ATOM breaks out of a downtrend as the price resumes a bullish structure. The price of ATOM continues to trade above 50 Exponential Moving Average (EMA) in the four-hourly timeframe. The price movements of Bitcoin (BTC) have hurt most altcoins, with Cosmos (ATOM) finding its price at key support as bulls defend this region with blood and sweat. The recent Consumer Price Index news had a significant impact on the crypto market, as the price of BTC fell to a low of $18,200 before rebounding to $19,300, with many altcoins struggling to keep up, but Comos (ATOM) proved resilient. (Data from Binance) Related Reading: A Bullish Week In Bitcoin On The Way? BTCUSD Analysis October 17, 2022 Cosmos (ATOM) Price Analysis On The Weekly Chart. Despite experiencing some great price movement in recent weeks due to so many traders and investors becoming interested in the various projects built on the Cosmos ecosystem, this, in a way, serves as a huge catalyst for such price movement. After the price of ATOM dropped to a weekly low of $6, the price rallied from this low to a high of $17, where the price faced resistance to breaking above this region to a height of $20. The price of ATOM faced a rejection to a low of $11.5, where the price bounced and rallied to a high of $12, reclaiming this region as it has been a key support f...