Cosmos Price Prediction: Will ATOM register breakout above $11

• ATOM forms an ascending triangle pattern near the support mark of $10.00.
• Bulls trying to attempt a bounce above the neckline of $10.50 to register breakout.

Cosmos token shows a classic ascending triangle pattern suggesting an upside swing towards the trajectory of $12, but this will happen only when bulls accumulate the coin above the neckline of $11 and succeed in a bounce. If the bulls cannot hold the moment, if any down move comes, then the immediate support of $10.00 has to be watched as there is strong resilience of bulls along with the multiple demand zone.

ATOM is now at the congestion range below the upper trendline of $11, and bulls tried multiple times before to break the horizons but faced rejection. This journey of a pullback with rejection continues, and pattern formation has yet to break either upside or downside. 

When writing, ATOM is trading at $10.85 with an intraday drop of 1.30% showing bear activity in the token. Moreover, the trading volume also showed a decent bounce of 2.00% showing lower investors interest. Bulls are now looking hopeless as they need proper attention above $11 to release the token from the hands of sellers.

Daily Chart Formation of ATOM

On the daily charts, ATOM is below the neckline of $11, showing sellers attachment towards the token. However, the rise in volatility puts the investors in a conservative state where a breakout or breakdown at the important marks is to be observed. The essential mark of $11 was to be watched for the upside, whereas a down move support of $10.00 was to be overlooked. 

As per the Fib levels, the price is towards the 23.6% level, where a probability of bounce generates in the near term. Along with the bullish pattern, ascending triangle pattern which suggests an upside trajectory of $12 to be retested.

Moreover, the ATOM token is on the verge of the lower Bollinger band, and the chart is at the bottom of the downtrend.

What Traditional Indicator Says?

On the 4-hour chart, the ATOM token shows a hawkish move in uncharted territory as the price is below the key moving averages. Moreover, the price is not giving any decisive action away from the trendline or the horizontal support line.

The RSI shows a negative outlook and divergence on the curve. Based on RSI, more downsides towards the oversold region till 30 can be seen. Moreover, the MACD curve also shows a bearish crossover, and more negativity can be seen.

Conclusion:

ATOM or Cosmos token shows negative cues with a downside projection of $10. If any bounce happens, the pattern neckline breaks and the up move can be watched.

Technical Levels:

Support Levels: $9.80

Resistance Level: $11

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.