- Cosmos (ATOM) coin is still fluctuating inside the upwards parallel channel.
- The ATOM coin continues moving higher for the past seven weeks.
- Amid rally, buyers have turned the conceptual round level of $10 into the support zone.
Bears have gone far from the Cosmos (ATOM) coin as bulls continue pushing the asset price higher. Asset’s price action displays an amazing rally in past few weeks as buyers became aggressive in each minor dip. Thus, the coin is trading at $12.11 Mark at the time of writing.
The ATOM coin constructs the higher-highs and higher-lows formation in each time frame. Thus, ATOM coin has continued moving higher for the past seven weeks. Now bulls are again turned aggressive after retesting the support line of the parallel channel. If buyers break this resistance level, then buyers may see 60% ROI ahead.
There is no doubt, buyers dominate ATOM coin’s trend. Amid rally, buyers have turned the conceptual round level of $10 into the support zone. Besides, the $12.5 mark is seen as an immediate bullish hurdle.
In terms of the daily price scale, buyers manage the asset price above the Parabolic SAR indicator. Buyers’ eye on the next resistance level; this Breakout may lead the asset price to the next round level of $20.
Would You buy ATOM coin After Breakout?
The Market Cap of ATOM coin is up 4.8% in the last 24-hours at $3.4 Billion as per the CMC. Meanwhile, the trading volume also increases, suggesting buyers empowerment. Furthermore, the pair price of ATOM coin along with the Bitcoin pair is in the green zone by 3.5% at 0.000506 Satoshis.
The RSI indicator breached the falling trendline (blue), and approaches the overbought zone on the daily price scale. Similarly, the MACD shows a bullish trend for ATOM coins.
Conclusion
Buyers await the bullish Breakout above the $12.5 resistance level and parallel channel pattern. Above these bullish hurdles, buyers may see the 60% hike from the current levels and may hit the next round level of $20.
Support levels – $10 and $8.0
Resistance levels – $12.5 and $20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/09/cosmos-price-analysis-atom-bulls-await-bullish-breakout-to-see-60-roi-ahead/