Cosmos (ATOM) Set For 50% Rally After Recent Plunge, Analyst Eyes $12 Target
The market for cryptocurrencies is humming with hope because the recent climb of Bitcoin and the launch of Ethereum ETFs today is seen to create a positive wave. In this bustling environment, Cosmos (ATOM) is one cryptocurrency that shows great potential for a big break-through.
Although ATOM has stayed somewhat steady, with a little rise of 1.23% over the previous week and a drop of 4% over the last 30 days, experts feel it is about ready for a significant climb.
ATOMs market position is notable at its current value of $6.23, with a market value of $2.50 billion and a 24-hour trade volume of $235 million. Despite a 0.54% retreat over the last 24 hours, the market seems to be in a good mood right now, making it a good time for ATOM to make money.
Technical Patterns Signal Breakout
Prominent bitcoin guru Jonathan Carter has highlighted Cosmoss intriguing technological configuration. On its daily chart, he notes that ATOM is negotiating a declining wedge pattern, sometimes interpreted as positive.
Cosmos is trading inside a falling wedge pattern on daily chart
Price currently near a descending resistance and preparing for breakout
Potential targets after breakout could be $7.25, 8.85 and $12.15 pic.twitter.com/P3n0O3pXBA
Jonathan Carter (@JohncyCrypto) July 21, 2024
This trend points to ATOM developing momentum and breaking out from its declining resistance line, a crucial place where selling pressure has traditionally been strong.
Should ATOM be able to overcome this barrier, a significant upward trend might be started. Carter has set four important ATOM price targets: $7.25 as the initial objective, followed by $8.85, and maybe as high as $12.15 should the optimistic trend hold. For those that position themselves ahead of the breakthrough, these goals reflect substantial profits.
Forecasts And Indicators Boost Optimism
Several technical indications point to this positive view. A possible breakout is being established by rising trade volumes and optimistic divergent momentum indicator (Relative Strength Index) deviations. Traders track these indications attentively and, once the resistance level is breached, they are prone to start a buying frenzy.
Data from Coincheckup shows that over the next seven days, ATOM is predicted to show an advance, thereby implying good momentum in the near future. ATOMs recent performance shows a minor undervaluation, which suggests a possible buying opportunity for investors as it is now trading around 1.50% below its expected value for the next month.
Looking ahead, the six-month ATOM growth estimate is a strong 58%; the one-year prognosis shows an amazing 108% increase. This long-term projection emphasizes faith in ATOMs stability in the market and possibility for significant increases.
The Spotlight On Cosmos
Cosmos (ATOM) is becoming a standout performance as the bitcoin community rides the wave of strength and excitedly awaits the effect of Ethereum ETFs.
Cosmos is primed to gain attention in the altcoin market as it has the ability to transcend its present pricing levels and generate notable increases.
ATOM is one to keep special attention to as traders and investors search the market for interesting prospects. For Cosmos, the next several weeks might be crucial as they will allow for a breakout that drives it to unprecedented heights.
Featured image from Pexels, chart from TradingView
Source: NewsBTC.com
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