Cosmos (ATOM) climbed nearly 3% on Thursday, March 12, showing early signs of recovery after the recent downturn in the broader crypto market. The token is gradually moving from a bearish structure toward a possible bullish setup as buying activity returns.
Data from CoinMarketCap shows ATOM is trading at $1.84 at the time of writing. The asset recorded a 24-hour gain of 2.98%, though its weekly performance remains slightly negative with a 2.91% decline.
Despite weaker trading activity, market capitalization continued to rise, indicating improving investor sentiment. The 24-hour trading volume dropped 15.82% to $42.74 million, while market capitalization climbed 3.01% to $915.81 million.
Also Read: ATOM Bears Losing Steam; Bullish Reversal Pattern Points to the $9 Target
ATOM Technical Indicators Highlight Key Resistance Levels
According to the TradingView chart, the technical levels are key levels that market participants are watching closely. The price is slightly above the Ichimoku conversion line (1.8162), indicating early bullish momentum.
This line normally indicates the beginning of changes in the market’s momentum. However, the lagging line is trading below the price structure. The moving averages add strength to the resistance levels.
The simple moving average over 20 days is $1.9215, and the simple moving average over 50 days at $2.0404 are the key level for the buyers to overcome. A strong breakout over $2.04 will change the sentiment and open the gates towards the next levels at $2.1355.
Looking at the long-term indicators, there is still cautiousness in the market. The 100-day moving average is at $2.1355, and the 200-day moving average is around $2.8713.
These are the boundaries of the bearish trend. If the price goes above this, it will be a strong indication. The support zones remain crucial for the short term.
Levels to keep an eye on are $1.8162, corresponding to the baseline of the Ichimoku indicator, and $1.7855, the recent local low where demand has been present previously. There is also the round figure of $1.70, acting as a deeper support.
Cosmos Expands Blockchain Collaboration With Mastercard
Cosmos has joined Mastercard’s Crypto Partner Program to expand its partnership scope within the digital asset space.
As a digital asset leader in distributed ledger technology, Cosmos is set to create innovative blockchain-based solutions while establishing strategic partnerships across Mastercard’s vast worldwide payment network.
Mastercard is further solidifying its position at the crossroads of digital currencies and traditional commerce.
In this partnership, Cosmos is teaming up with Mastercard to advance blockchain technologies, promote digital assets, and integrate decentralized technologies with traditional finance.
Why This Matters
Any move above the $2.04 price level, which is the current resistance level, may shift the sentiment and increase the short-term bullish momentum for ATOM.
The inclusion of Cosmos in Mastercard’s Crypto Partner Program may increase the adoption and use of blockchain technology.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Cosmos (ATOM) Poised for Surge: Could Hit $3 Soon!
