Technical Analysis Suggests Massive ATOM Upswing if Bulls Step In
2022.06.10 18:36
Technical Analysis Suggests Massive ATOM Upswing if Bulls Step In
- The price of ATOM has dropped in the last 24 hours to $8.77.
- A descending wedge has formed on the 4-hour chart for ATOM with the price of ATOM nearing the apex.
- TA shows that there are decent potential gains for even a mini bull rally.
Cosmos (ATOM) experienced a price decline in the last 24 hours and is down over the last seven days as well.
According to data from CoinMarketCap, the price of ATOM has dropped in the last 24 hours to $8.77, which is an approximate 2.25% fall in price. ATOM’s price is also down over the last seven days as well, experiencing a dip of around 6.78%. The 24-hour chart has added to the weekly losses posted by ATOM over the last seven days.
ATOM is currently in the 31st position on CoinMarketCap’s list in terms of market cap. This places it right behind Flow (FLOW) in the 30th position and ahead of VeChain (VET) in the 32nd position. VET’s market cap currently stands at $13,257,837,269.
ATOM also saw a 24-hour trading volume of $215,686,904, which is a 13.92% increase from the previous day.
Good upside potential for ATOM (Source: TradingView)
Looking at the 4-hour chart for ATOM, there is big upside potential for even a mini bull rally. As the price of ATOM has currently formed a descending wedge, the price of ATOM can realistically target $9.50, which is the top of the descending wedge, if bulls step in. However, investors should set tight stop losses.
Should the price of ATOM breach the top bound of the wedge formed on the 4-hour chart, the price of ATOM may look to target anywhere between $10.00 to $11.50. The highest target for the price should there be a breakout is around $11.918.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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