Cosmos (Atom) key moment for the future trend

Cosmos (Atom) key moment for the future trend

By Cryptonite | Cryptonite | 24 Jun 2020


 

Hello everyone, today I would talk about Cosmos Atom, we can call this coin the king of interoperability, Atom (the token that is used on Cosmos Blockchain) is by far the most capitalized coin among the family of the crypto that focused on interoperability.

This innovative crypto is drawing an interesting pattern, an ascending triangle, usually this pattern end up with a jump on the upward, anyway the trading day is pretty negative and the valuation are close to the uptrend, in this case we may pay a lot of attention for the next movement.

Lets see the 1 year chart, what we notice is that the ascending trendline looks like pretty much solid as it was touched many times, even the movement we saw few days ago had a good reaction and the price jumped in a pretty convincing way.

Even the flat upper trendline is pretty much solid as in October and march was a convincing resistance/support, even now in June we saw that Atom price was rejected when tried to breakup the resistance.

This kind of pattern usually breakup in a positive way with a continuation of the uptrend, anyway we may take a look at the main support levels that we could find in the case of a reverse of the actual trend, the most important support is placed at 2,50 Dollar, for the last 3 months this price was the  favourite battlefield between bulls and bears.

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If the 2,50 dollar support will be lost we probably see a breakout of the trendline, and this will move Atom price till the next support at 2,16 Dollar that is also the last level before breach the 2 Dollar area, the next stop may be at 1,85 Dollar.

In the upward the first resistance is the 3,20 Dollar that would open Atom valuation to a bigger uptrend, the movement would drive the valuation till 3,54 in a first time and 3,88 Dollar after, those two resistance are very important for surpass the 4 Dollar area, the first resistance over this milestone is 4,38 Dollar.

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Now that we just take a look at the long term chart we can see if our predictions are right also in the short term chart, during the last month the chart show us that the 2,50 Dollar level is really an important support, just at few cent over the reaction is a bounce, look at the cross on the chart, every time Atom Price touch the valuation of 2,56 Dollar we can notice a decent bounce upward.

This show us two important things, first the 2,56 level is a pretty good entry point for a new trade, and the crypto is very reactive to this price that is able to catch the interest of the buyers, bulls won most of the time at this important price.

Last consideration, the last time Atom touched exactly the 2,50 Dollar we saw a great response from the bulls that draw a positive trend that worth a +28.5% in a short time and stopped just at the resistance.

 

That’s all for now, thanks for reading and hope you enjoy this post, always remember to do your own research before investing.

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Cryptonite
Cryptonite

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