Atom( Cosmos ) is a blockchain project that was built to address some of the challenges facing the cryptocurrency industry. Among these challenges are scalability and increasing the speed of throughput.
The Cosmos price is scorching hot today as demand for the coin rises. The ATOM price jumped to the highest level since May even as other cryptocurrencies paused. Its price is about 142% above the lowest level in July this year. It has a market capitalization of more than $4.34 billion and is the 32nd biggest coin in the world.
Is ATOM a good investment? Using technical analysis, we can decipher the chart pattern to predict how the Cosmos price will move in the near term.
Now, turning to the daily chart, we see that the Cosmos price has staged a strong recovery in the past few days. This rally happened after the coin found strong support at the $8.9 level. It struggled to move below the support several times in the past three months.
The Cosmos price has managed to move above the 25-day and 50-day weighted moving averages. Also, it has risen above the resistance at $14.7, which was the neckline of the double-bottom pattern.
Therefore, the ATOM price will likely maintain the bullish trend as bulls target the all-time high of $32. Still, I can’t rule out a break and retest situation where the coin retests the support at $14.7 and then resumes the bullish trend.
The Cosmos price is scorching hot today as demand for the coin rises. The ATOM price jumped to the highest level since May even as other cryptocurrencies paused. Its price is about 142% above the lowest level in July this year. It has a market capitalization of more than $4.34 billion and is the 32nd biggest coin in the world.
Is ATOM a good investment? Using technical analysis, we can decipher the chart pattern to predict how the Cosmos price will move in the near term.
Now, turning to the daily chart, we see that the Cosmos price has staged a strong recovery in the past few days. This rally happened after the coin found strong support at the $8.9 level. It struggled to move below the support several times in the past three months.
The Cosmos price has managed to move above the 25-day and 50-day weighted moving averages. Also, it has risen above the resistance at $14.7, which was the neckline of the double-bottom pattern.
Therefore, the ATOM price will likely maintain the bullish trend as bulls target the all-time high of $32. Still, I can’t rule out a break and retest situation where the coin retests the support at $14.7 and then resumes the bullish trend.
