Cosmos Achieves Five-Months High Despite The Struggling Market

Cosmos achieves a five-month-long high despite the markets are struggling to find a directional bias over the Christmas period when most of the coins in the top 20 were trading sideways as we can see in the cosmos news.

Bitcoin reached support around the $7,100 level after being quickly sold off from the $7,430 level back on Thursday. CME and BitMEX contract expiration today could be the reason for yesterday’s price movements. Cosmos achieves strong gains after rallying to the highest trading level since July at the current levels the ATOM/USD pair is getting ready to close December with gains of more than 20 percent. Luna and Ethereum Classic are among the most notable gainers in the top 100 by market capitalization while Silverway and Centrality were the worst. The total crypto market capitalization traded around $184 billion which is a loss of $13 billion from the current weekly price peak.

Cosmos is trading towards the levels in July this year and is supported by the strong dip-buying interest and increasingly bullish technicals as the ascending triangle pattern which can also be seen across the higher time frames. A breakout above the $4.50 level put the bullish triangle breakout generated more trading interest. The key support is found at around $4.30 and $4.10 level while the key resistance is located at the $4.75 and the $5.00. The value of the total market capitalization of the market reached the $184 billion level according to TradingView as we can see from the charts.

The traders failed to defend the pivotal $188 and $187 billion support area and this led to a further bearish correction close to the $182 billion. Losing the $182 billion support level could start even heavier losses towards the $173 support region while the gains close to the $194 billion should even spike a technical buying process until the $207 billion levels. Watching out for the formation of the bigger bullish reversal pattern so the buyers can finally rally the value close to the $207 billion. According to the latest data, the sentiment for the crypto market is neutral at 49 percent. Ethereum was the weakest player with the low intraday sentiment at 27 percent while Bitcoin Cash got the strongest at 79 percent.