Bulls Take Control: Cosmos Price Rally as Buyers Gain Strength
Since October 10, Cosmos (ATOM) has been falling, with the altcoin coiling inside a decreasing trend channel. The altcoin broke above the channel, and the Bull Bear Power (BBP) indicated that buyers were in control. The price increased from $2.41 to over $3.20 on November 4th due to similar readings.
ATOM Faces Crucial Support Test After Channel Breakout
ATOM has been trading on the higher side of the channel during the last week. Bulls were defending themselves against a price drop to the lower end of the channel as a result. But in order to maintain the breakout over the channel, ATOM must remain above the $3 zone. When these patterns appear at market bottoms, they indicate impending price reversals. Moreover, the breach of the upper resistance would be void if it were not maintained above $3. In this manner, ATOM would return to its declining trend.
ATOM Price Rises as Buyers Dominate the Market
The primary drivers of ATOM‘s price increase over the last 24 hours were whales and spot orders. Whales went back to accumulating ATOM after remaining neutral since October 10th, according to CryptoQuant statistics. But compared to when ATOM traded above $5, the positions were smaller. According to CryptoQuant data, buyers have dominated the Spot Taker CVD over the past three months. In actuality, there were more spot inflows than outflows; as of this writing, the net flow was $769.54K. According to this data, money was coming into the altcoin, which is why its price was rising. On-chain activity contributed to this charge in addition to buyer action.
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