Cosmos' [ATOM] price hovered over the $10.5 support area with bears looking to finally push past the two-month resistance.
ATOM’s latest bullish rally was swiftly rejected at the $11.5 price area with sellers continuing to dominate the market. Bulls had targeted a breach of the $11.5 level to flip ATOM’s structure.
The $10.5 support level has been an important zone for bulls. However, the four-hour timeframe showed that it had been tested three times between 9 March and 27 April. This might suggest a weakening resolve of bulls at that price level. All signs point to sustained bearish momentum. The Parabolic SAR remained above the price. The RSI stayed under the neutral 50 briefly entering the oversold zone. The Awesome Oscillator posted several red bars in a row, both above and below the zero mark.
The short-term move could see bears face minimal resistance at the $10.5 level before continuing its downward trend. The target for bears will be $8.5. However, this level is a key price area for bulls, as it served as strong support for ATOM’s previous bull run.
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