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The Cosmos price surged 6% in the last 24 hours to trade at $4.80 as of 1:37 a.m. EST, with trading volume soaring 6% to $187 million.
The surge in the ATOM price has pushed the crypto to the top of the gainer list on CoinMarketCap.
Cosmos Price Aiming For A Bullish Breakout
The ATOM price chart shows a significant price movement over the past few months.
The Cosmos price previously experienced a strong rally, reaching highs above $10 before entering a prolonged downtrend.
A well-defined falling channel has been forming, suggesting a period of consolidation and bearish sentiment. However, recent price action indicates that ATOM is attempting to break out of this falling channel, hinting at a potential trend reversal.
Currently, the price of ATOM is hovering around $4.80, having tested resistance at the upper boundary of the falling channel, GeckoTerminal data shows.
If it successfully breaks out, this could lead to a bullish continuation. However, failure to break out could see the price retreat towards lower support levels within the channel.
The 50-day Simple Moving Average (SMA) is positioned at $4.52, while the 200-day SMA is significantly higher at $5.63. The Cosmos price has recently crossed above the 50-day SMA, which is a positive short-term signal. However, the 200-day SMA remains an important resistance level.
The Relative Strength Index (RSI) is currently at 55.95, indicating neutral to slightly bullish momentum. The RSI is approaching the 60 level, which, if surpassed, could confirm increased buying pressure and a potential trend reversal.
Can ATOM Sustain Momentum To $7?
Given the technical setup, ATOM appears to be at a critical juncture. If the Cosmos price manages to break out of the falling channel and sustain above $5.00, the next resistance would be around $5.63 (200-day SMA).
A successful move above this level could trigger further upside towards $6.50–$7.00 in the medium term.
Conversely, if the price fails to break out, the price of Cosmos could experience a pullback towards the $4.20–$4.00 range, where it would find support within the falling channel. A breakdown below $4.00 could extend the bearish trend.
In the meantime, investors are flocking to buy Best Wallet (BEST), which popular YouTuber ClayBro, with over 136K subscribers, says has the potential to soar 10X after launch.
Best Wallet Presale Hurtles Towards $12 Million In Presale – Next 10X Crypto?
The presale for leading Web3 wallet Best Wallet has been on an upward trajectory, as investors have already poured over $11.5 million into the project so far.
Lauded for its functionality and suitability for today’s market landscape, the non-custodial wallet recently reached over 500,000 total users, with over 250,000 monthly active users.
With a user-friendly design, advanced features, and high staking rewards, many see the project as the future of crypto wallets.
Unlike MetaMask, which is primarily Ethereum-focused, or Trust Wallet, which is great for beginners, Best Wallet supports over 60 blockchains.
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That means you can manage everything from the top altcoins to the latest up-and-coming tokens in one place.
Get In On Projects Early With The Upcoming Tokens Feature
Among the many features offered, its “Upcoming Tokens” section is attracting the most attention. This feature helps users discover promising projects that are still in the early stages.
The project’s success in identifying promising projects is clear. It’s identified tokens including Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that have delivered huge gains for early investors.
Currently, BEST tokens are priced at $0.0246. Investors can also stake BEST tokens for a huge 135% annual return.
Those interested in joining the project’s presale should buy BEST before a price hike in 36 hours.
Learn more about BEST on its official website.
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