- Cosmos (ATOM) could experience a substantial price surge of over 7%.
- ATOM’s daily chart shows a potential shift from bullish to bearish.
- ATOM’s price could decline towards significant support levels if bearish trend continues.
Renowned crypto trader and analyst Ali Charts recently took to Twitter to share his insights on Cosmos (ATOM). According to him, ATOM appears poised to break out of a falling wedge pattern on its hourly chart. This development holds significant potential for the altcoin, as Ali Charts suggests it could result in a substantial price surge of over 7%.
Nevertheless, the daily chart for ATOM exhibited a less optimistic outlook than the 1-hour chart highlighted in Ali Charts’ post. The 9-day EMA line is trying to intersect below the 20-day EMA line. If this intersection occurs, it will signify a shift in the short-term trend for ATOM, transitioning from a bullish stance to a bearish one.
If the above bearish technical flag is confirmed, ATOM’s price could face a decline towards the subsequent significant support level at $8.904 within the next 24-48 hours. Should the selling pressure persist, there is a potential for the cryptocurrency’s price to descend further below this threshold, potentially reaching as low as $8.10 in the subsequent week.
However, it could negate the bearish outlook if ATOM manages to close today’s daily candle above the 9-day and 20-day EMA lines. In such a case, the breakout predicted by Ali Charts might materialize. This could increase the altcoin’s price, surpassing the resistance level at $9.524 and potentially even challenging the $10.01 resistance level in the coming days.
In the meantime, CoinMarketCap reported a marginal decline of 0.31% in the price of ATOM during the previous trading day. Consequently, the altcoin’s value stood at approximately $9.34 when reported. This slight decrease caused ATOM to experience a 0.37% and 0.63% depreciation against the leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Over the previous day, ATOM experienced a decline of over 20% in its 24-hour trading volume, resulting in a standing figure of approximately $72,226,641. Despite a slight decrease in ATOM’s price within the last 24 hours, the altcoin’s performance over the week remained positive, with a growth of just over 1%.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
