The trading price of Cosmos (ATOM) had been moving in the bullish zone for a while. The recent weeks proved to be very bullish for the asset, which is why it managed to stay in the higher trading zone.
However, due to the recent events taking place in the US and the European region pertaining to the banking systems, the major crypto assets experienced declines.
Most of the major cryptocurrencies steered into the negative zones. Many cryptocurrencies recorded huge declines in their values while some remained flat and some demonstrated strong gains.
The cryptocurrencies demonstrating strong gains were able to prove their resilience to the crypto market. Although these cryptocurrencies did face some declines their prices eventually resurged.
ATOM Price is in the Green Zone
Due to recent developments, most of the cryptocurrencies moved into bearish territories. Their trading prices did not witness strong gains and the situation did not improve for them at all.
However, Cosmos has continued to display a strong performance. The value of the asset has remained in the bullish territory, constantly hovering in the green zone.
Despite experiencing a slight demise, the asset has continued trading near the multi-week high level.
Price Movement of ATOM
It was the Tuesday session when the trading price of ATOM surged to a higher trading level. It reportedly went up to a high of $13.47 on that particular day.
As midday approached, the trading price of ATOM started to move downwards. Since that particular day, ATOM’s price has kept declining, and as of today, its price declined to a low of $13.41.
Despite hitting the lower level, the trading price of ATOM has continued revolving in the particular zone.
As the trading price of the asset moved higher, the investors were ready to make gains. They started selling ATOM at a high rate, which started to pull its price low.
Due to the strong selling sentiments of the investors, the price of ATOM kept declining. At the time of writing, the asset’s price is at a low of $12.55.
Bulls to Push ATOM to $13.50
This is not because the sellers have increased their selling power, bringing down the bulls in the process. It is actually the bulls that have started to sell the asset to generate gains.
They are aiming to take profits and may attempt to pump the bullish trend again with their strong buying sentiments.
Previously, the bulls had attempted to push ATOM above the resistance level of $13.50 but they failed to do it.
The bulls may attempt another strong buying spree after taking the profits to push its price beyond that level.