As Bitcoin market dominance plummeted, crypto investors expected a serious increase in altcoin prices. Long-term hold does not always bring profit to its investor. For example, someone who has been holding Monero (XMR) since the 2018 ATH point has not yet been able to earn. Since this is the case, it is necessary to follow the current trend and closely monitor altcoins that have the potential to explode in price.
Cosmos (ATOM) Price Analysis
Investors can find an excellent buying opportunity in the last days of 2021. The ATOM token is fed by the bullish signal of the 20 and 200-day EMA on the daily timeframe. On December 16, Cosmos broke $26, showing a bullish trend. And since then, the breakout has increased the uptrend momentum and caused the uptrend to continue.
The altcoin broke above $30 and rallied towards the next horizontal level. Also, price action is making a bullish candle with lower price rejection on the daily chart. Therefore, it looks like ATOM price will start an uptrend for the next few days and it may even climb above $35. Also, the bullish signal of the 20 and 200 EMAs could feed the ongoing rally.
Cosmos (ATOM) Chart
The Daily Relative Strength Index (62) rises above the SMA (14) and the neutral line (50) and continues to approach the overbought zone. The model’s neckline is at $33, and breaking it will likely push prices up to $40. However, traders need to be careful for their short-term goals, as a few minor corrections are possible within the pattern.
Price action on the daily chart shows that the nearest resistance level for ATOM price is $40 and $44 after the $33 neckline. If the tide turns, support levels are found around $30 and $26.
It is possible to carry the $45 levels seen in September even higher in the new rally, investors who bought ATOM in January have already gained 640%. At the time of writing, the price is pushing the $32 levels.