Cosmos (ATOM) gains 30% in 5 days; strong momentum awaits a breakout above key EMA levels.
RSI and MACD indicate bullishness, but technical summary highlights a neutral stance for ATOM’s rally.
Cosmos (ATOM) price surged 30% in the last 5 days, showcasing rising market confidence. The trading volume for ATOM reached $148 million, rising by over 25.45%, suggesting strong investor interest and buying momentum.
According to analyst Crypto Kartha on X, the ATOM price is trading in a falling wedge pattern and is about to give a breakout. He said that “Testing Crucial Resistance of Falling Wedge in Daily Chart Breakout can send ATOM between 7-8$ in Midterm.”
ATOM has emerged as the market’s top performer in the last 24 hours, increasing by 12% in that time, showcasing a recovery trend. However, to begin a bullish rally, the Cosmos price has to break above the $5.839 and $4.798 levels.
According to CMC data, currently, the Cosmos is trading at $4.389 with a 25% surge in daily trading volume. The 24-hour trading volume is $148.25 million and the market cap stands at $1.71 billion. The community sentiment is 86% bullish and 14% bearish.
Will Cosmos Price Break Above 50 And 200-Day EMA
ATOM price is heading in the upper direction towards the 50-day EMA $4.798 mark. If the price succeeds in breaking above the key 50-day and 200-day EMAs, then the investor may witness a $7 level in the upcoming days.
Source: Tradingview
The RSI indicator is in the neutral zone at 49.92 but heading in an upper direction, which is a positive sign. MACD has formed a bullish cross with a green histogram, showcasing a positive trend.
However, the trading view technical summary tells a different story. As per the technical summary of Cosmos (ATOM), out of 26 indicators, 9 are on the sell side, 10 are on the neutral side, and 7 are on the buying side, suggesting neutrality.
Currently, the price is moving in the upward direction. If the bulls succeed in breaking the $4.798 and $5.839 resistance levels, it could reach the $7 mark in the upcoming days. However, if the price fails to break the $4.798 level, it may come back to the support level of $4.00.
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