The cryptocurrency market is brimming with hope due to the recent surge in Bitcoin and Ethereum ETF Launched Today is expected to create a positive wave. In this noisy environment, Cosmos (ATOM) is one of the cryptocurrencies that shows great potential for a major breakout.
Related reading
Although ATOM has remained fairly flat, with a slight gain of 1.23% over the past week and a 4% decline over the past 30 days, experts feel it is ready for a major rally.
ATOM has a distinguished position in the market Current value $6.23 With a market cap of $2.50 billion and a 24-hour trading volume of $235 million, despite a 0.54% decline in the past 24 hours, the market seems to be in a good mood right now, making it a good time to make money on ATOM.
Technical patterns indicating a breakout
Prominent Bitcoin expert Jonathan Carter has highlighted an interesting technological formation in Cosmos. On the coin’s daily chart, he notes that ATOM is in a falling wedge pattern, which is sometimes interpreted as bullish.
Cosmos stock is trading inside a falling wedge pattern on the daily chart💁♂️
The price is currently near a bearish resistance and is preparing to breakout📈
Possible targets after the breakout could be $7.25, $8.85 and $12.15🎯 pic.twitter.com/P3n0O3pXBA
— Jonathan Carter (@JohncyCrypto) July 21, 2024
This trend indicates that ATOM is building momentum and breaking out of the falling resistance line, a crucial place where selling pressure has traditionally been strong.
If ATOM can overcome this barrier, a major uptrend could begin. Carter has identified four important price targets for ATOM: $7.25 as an initial target, followed by $8.85, and potentially $12.15 if the bullish trend continues. For those positioning themselves ahead of the breakout, these targets could spell big profits.
Expectations and indicators reinforce optimism
Several technical indicators point to this positive outlook. A potential breakout is established by increased trading volumes and bullish divergences of the momentum divergence indicator (RSI). Traders follow these indicators with interest, and once the resistance level is broken, they tend to start a frenzied buying spree.
Data from Coincheckup suggests that ATOM is expected to see a bullish trend over the next seven days, indicating good momentum in the near future. ATOM’s recent performance shows a slight decline in value, indicating a potential buying opportunity for investors as it is currently trading around 1.50% below its expected value for the next month.
Looking to the future, ATOM’s 6-month growth estimate The robust growth rate is 58%; the annual forecast is a staggering 108% increase. This long-term forecast confirms the confidence in ATOM’s stability in the market and the potential for significant increases.
Related reading
Light is on the universe
Cosmos (ATOM) is performing well as the Bitcoin community rides the wave of strength and eagerly awaits the impact of Ethereum ETFs.
Cosmos is expected to gain attention in the altcoin market as it has the potential to break through its current price levels and generate significant increases.
ATOM is a company that deserves special attention as traders and investors in the market look for interesting prospects. For Cosmos, the next few weeks could be crucial as it will allow for a breakout that will push it to unprecedented heights.
Featured image by Pexels, chart by TradingView
