ATOM – One for the Bulls

The price of Cosmos (ATOM) relative to the US Dollar has been bouncing between two trend lines for well over two years, and the current trajectory of ATOM is quite bullish as its price is expected to head towards the gradually-growing trend line at the bottom.

It is plausible to intuit that once the price re-contacts this line, it is expected to ascend once more. The real question is not if the price will rise, or when it will rise, as such can be simply forecasted, but by how much will ATOM grow?

Several technical indications suggest that the price trend of ATOM could turn strongly bullish once again, and the circular arc which connects the two blue trend lines can represent a minimum projection of the extent to which the price could reach in the coming months towards 2024.

Once the trajectory turns bullish, the price should break the support level between $15 to $17 very strongly; a feat which ATOM’s long traders have attempted to achieve several times, but with no success, and thus forming an accumulation between the trend line and the support area.

This bullish hypothesis is re-enforced by the notion that a reversal pattern with a shape similar to the letter W is expected to occur and thus propelling to highs unseen in more than a year. ATOMUSD is one for the bulls.