looks primed for a massive surgeTechnical Outlook Of Cosmos (ATOM) Crypto Price
ATOM price had been doing great until March 7th, 2024, when the price was rallying and reached $14.20. However, the price was not able to hold on to its gains and plunged, by following a declining trendline.
However, the Cosmos crypto fell up to $7.20, which gave candle closing to form a support at $8.00 by mid-April and has been consolidating in a Darvas box range.
The price range of $7.25 to $9.40 signifies that the bulls are holding the key support, and bears are desperately trying to breach the support. But, bears are not that strong to break the support level of $8.0. This could be a major sign of a comeback as the price needs a push to break the Darvas box range and aim for 70% growth on the daily chart.
What Does Indicators Signifies In terms Of Consolidation?
Similarly, Cosmos (ATOM) asset price indicators are demonstrating the consolidation as well, as it stay close to the 20-day and 50-day EMAs. Likewise, the MACD is exhibiting neutral signs, and the RSI is at the median line at 50.30, which implies that ATOM looks trapped, as its relative strength is at the neutral line, and no strength in price yet.
Analyst Jesse Olson posted an optimistic tweet on X platform, that ATOM shows a buy signal over the daily chart, and a bullish breakout could be triggered out of this Darvas box consolidation.
Overall, Cosmos (ATOM) looks primed for a massive surge, as it builds up strength by consolidating in the Darvas box sideways price range. Once breached, the price could thrust through the resistance and skyrocket to new levels from the current support levels.
At press time, the ATOM crypto fell by 0.27% in the last 24 hours at $8.59. Therefore, if the demand for the asset remains high, Cosmos (ATOM) could bounce back from the current level. The next target for the ATOM could be to reach $12.0, and $14.30.
However, if the ATOM fails to stay above the $8.0 level, it could decline further.
