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Market Analysis

ATOM Technical Analysis – Bullish outlook?

Cosmos (Ticker: ATOM) started trading on the market in April 2019 and dubbed itself “The Internet of Blockchains”. A fundraiser was held, targeting $10M which was achieved within the first minute of the launch; therefore the target was extended to $17M.

It initially started trading just under the $4.00 mark and gained approximately 100% within the first three months. Alongside the rest of the market, it started sliding down severely, all the way to $2.00, where PA created a double-bottom pattern.

Since then, ATOM was able to regain ground and performed better than the rest of the market and is showing signs of strength. Price is currently ranging in an ascending channel; a rare case to see at the moment among cryptocurrencies.

After having crossed the grey box S/R price has been meeting supply near $4.50. In order to cross that level, ATOM is likely to retest the grey box (coinciding with the mid-range of the channel) to pick up more demand and rise higher towards $4.85 (~+25%).

Conversely, if the mid-range and grey box S/R are crossed to the downside price is likely to reach $3.475 and possibly the supporting trendline of the channel.

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