ATOM price has been attempting a breakout over the last week as many alt coins have went parabolic. BTC & ETH allowed alt coins to begin a stronger revival as they both broke out of major resistances & downtrends. The market has been rising for nearly a month straight with little correction. As BTC now seems exhausted, we may expect a retracement to come even though some alt coins have yet to make a large upward move.
For the last 3 weeks Cosmos has been respecting an ascending channel formation. Just over the past day, bulls attempted a breakout of the top trend of the channel but was rejected back in. Along with the top trend of the channel lies a resistance zone found from $16.55-$17.50.
ATOM must fully break & hold this zone along with the top trend in order for a large surge to occur. In the case this does occur, expect ATOM to hit $18.51 +. This would allow for Cosmos to experience a larger scale retracement after 3 months of downtrending.
In the case this MA does not hold & ATOM breaks out of its ascending channel, we should expect prices to fall further to the $13.00 support level. This would likely put Cosmos into a slight bear trend.
While looking at the Stochastic RSI, we can see how it has been consolidating for almost 5 days, awaiting some type of move. This has formed a symmetrical triangle formation & a breakout to either side will trigger an explosive move. The regular RSI is also in the same spot as it has formed a near week long triangle. Once both RSI’s break to one side, we can expect price to follow suit.
ATOM Intraday Analysis
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