Cosmos has made rapid gains in the past few days but is pulling back some of those gains. Basic Attention Token was once again denied at the resistance level that has been stable since late November.
Cosmos (ATOM) price analysis
ATOM formed a rising wedge and closed just below to test support in the $ 5.2- $ 5 zone, then saw a strong increase. It quickly reached a local peak of $ 9.6, but may have to retrace some of those gains.
The Fibonacci retracement tool showed that the 38.2% level at $ 7.48 was close to the $ 7.5 zone, which previously acted as a pocket of liquidity. There is also the $ 7.8 support level just above to stop the selling pressure.
The MACD, which showed a strong rise last week, may soon see a bearish trend to indicate short-term decline.
The 7.8 - 7.5 US dollar zone is vital. Defending this zone paves the way for an upward move, while losing this zone could result in further retracement to the $ 6.9 level.
Basic Attention Token (BAT) price analysis
Since 27 cents BAT’s end of November this side was a level it could not support, despite testing several times. The range formed continues to gain in importance as the BAT trade within it increases.
The past few trading sessions saw a strong increase in excess of $ 0.27, but the subsequent selling pressure pushed the price down again and signaled another rejection. This development marks a reversal towards the midpoint for BAT at $ 0.232.
Stochastic RSI and RSI are currently in decline.