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The Cosmos price has surged 9% in the past 24 hours, reaching $7.96 as of 7:10 a.m. EST.
As a result, the price has seen an 11.1% increase for the week, thanks to a significant boost in trading volume to $270 million, marking a remarkable 200% increase in just one day.
Cosmos Price Bulls May Target $10.3 Price Level
The formation of a double-bottom pattern has sparked a bullish rally, attracting more buyers who have driven the price upward.
The price of ATOM rebounded from a support level of $6.3. This support level was crucial in forming a double-bottom pattern, indicating a shift towards a bullish trend
It has also empowered the bulls to propel the price above the 50-day Simple Moving Average (SMA), which now serves as support, confirming the shift toward bullish sentiment.
The bullish surge met with resistance at the significant price level of $8.21, situated above the descending channel, leading to a minor price adjustment.
Should the bullish momentum wane, there is a chance of a bearish correction that might push the price down toward the $6.95 support zone, coinciding with the 50 simple moving average.
Cosmos Price Prediction: ATOM Aims for New High
ATOM is experiencing a bullish trend, with support from the relative strength index (RSI), which has shifted from the oversold region at 30 to now being within the overbought zone at 72.
If the bullish momentum continues beyond the overbought threshold, it can potentially result in a price breakthrough above the $8.21 resistance level and ultimately surpass the 200-day SMA.
This situation could attract additional buyers, leading to further upward momentum and allowing the price to stabilize, potentially sparking a rally and the chance of reaching new highs at $9.2 and $10.3, respectively.
Should bears take advantage of the $8.21 resistance level, there’s a possibility of a bearish decline. The price of ATOM could decrease to $6.94. A breach below this support level might force the price to drop to a $6.3 support zone.
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