- ATOM price has rallied by 10% this week, breaking out of its recent consolidation.
- A move toward the $16 price level seems likely as the bullish trend continues.
- Invalidation of the uptrend would occur with a daily close below $13.
Cosmos price (ATOM) is witnessing a bullish surge this week, breaking out of its recent consolidation and moving upwards by 10%. Technical indicators accompanying the rally show bulls are confidently poised. If market conditions persist, the Cosmos token could rally an additional 10% in the coming days.
Cosmos price points higher
ATOM price currently trades at $15.12. The uptrend in ATOM has been consistent since the end of December, with the price progressively rising and gaining back lost market value from November's 40% decline.
The volume indicator shows an increase in market activity during the price rally, indicating strong support from market participants. Furthermore, ATOM is trading above both the 8-day exponential moving average and the 21-day simple moving average, compounding the positive outlook for the cryptocurrency.
With the current momentum and skeptical sentiment in the market, a conservative target for the Cosmos price rests 10% above the current market value, near the $16 price level. The $16 zone has unchallenged liquidity levels dating back to September 2022.
ATOM/USDT 1-day chart
To maintain the uptrend, ATOM needs to hold above the $13 level, which has acted as both support and resistance in the past.A daily candlestick close beneath this level would invalidate the bullish thesis. If the breach occurs Trader should prepare for a much steeper decline, likely to challenge unmitigated price levels within the recent Trend move. Under the bearish scenario, the $12 price level would likely act as the next level of support, resulting in a 20% decline from ATOM's current price.
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