Why Cosmos price is likely to rally toward $17 in February

Cosmos price has been on a bullish trend, with a 2.5% increase on the day.
ATOM shows potential to rally 15% toward the $17 liquidity zone.
The bullish trend could be invalidated if a breach below $13 occurs.

Cosmos price continues to display strength as the uptrend seems unfazed by investors who may be taking profit off January's 70% gain. Considering the overall bullish stance in the crypto market, a 15% rally from today’s market value is a conservative estimate.

Cosmos price could go parabolic

Cosmos price could be on the verge of breaking out. At the time of writing, the bulls have taken control and reconquered the 8-day exponential moving average (EMA), which is a positive sign for the market. This subtle gesture of strength may catalyze a trending market in the coming days.

Cosmos price is currently trading at $14.93, up 2.5% on the day. The Relative Strength Index (RSI) dually supports the bullish sentiment as it enters support after breaching overbought conditions. As the price increases, the RSI maintains momentum, indicating that bulls are absorbing profit-taking transactions in the market. This makes the target price of $17 a likely outcome, offering a 15% rally from its current market value.

ATOM/USDT 1-Day Chart

However, traders should exercise caution and keep a close eye on the $13 level as it will play a critical role in the uptrend’s health. A steeper decline could occur if this level is breached, potentially targeting the $11 support zone. The Cosmos price would decline by 25% if the bears were to succeed.

This video shows how Bitcoin price moves could affect ATOM price

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram