The Cosmos crypto asset is showing bullish traits and can achieve more growth in future sessions. It has demonstrated good performance in the past week, and three months by 10.12%, and 9.45% respectively, confirming that the uptrend is reliable.
Furthermore, the previous price structure of ATOM price on the daily chart highlights that the price surged from the demand zone from $6.2 to $12.5 around October 2023. However, the buyers faced rejection at the top level due to supple region presence which caused the violation of the uptrend and led the price to form a support at $8.696.
However, the Cosmos crypto has displayed a sign of revival as the price bounced back from a critical level of around $8.696, suggesting that buyers are getting traction over sellers.
At the time of publishing, the ATOM crypto had surged 0.51% to $9.967 over the last 24 hours.
The Cosmos crypto is poised for a spectacular upward rally as it shows the seller’s rejection and prepares to smash the resistance level and soar to new heights.
Moreover, the ATOM crypto asset shows bullish strength and sturdy rising potential as it stays above major 20 and 50-Day EMAs.
Cosmos asset is in a strong uptrend as per the MACD, as the histogram is considerably broad and above zero line. MACD is at 0.019, the signal line is at -0.100, and the histogram is at 0.119.
The RSI shows no signs of overbought conditions and it is above the 50 level and has taken a jump from the 14-Day SMA, suggesting that the ATOM asset has more space to grow in the upcoming sessions.
Therefore, if the demand remains at its peak, the Cosmos asset price will continue advancing and show a spectacular rally from the current level as well. The next goal for the price is to reach $11.011.
On the other side, if the ATOM crypto price fails to stay above the $8.696 level, it could slump further.
Summary
Cosmos (ATOM) price bounced from $8.696 which highlights the seller’s rejection.
The ATOM crypto asset is showing bullish strength and good potential as it stays above major EMAs (20 and 50-Day EMAs), the histogram is considerably broad in the MACD, and the RSI is above 50.
Therefore, if Cosmos demand sustains at present level, the asset price could show a spectacular rally from the current level to the $11.011 level.
Technical Levels
Support Levels: $8.696
Resistance Levels: $11.011
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/02/13/cosmos-crypto-can-atom-crypto-price-show-an-upward-rally-soon/