The cryptocurrency market is full of hope because of the recent rise of Bitcoin and the Ethereum ETFs Launch today is seen as creating a positive wave. In this busy environment, Cosmos (ATOM) is a cryptocurrency that shows great potential for a major breakthrough.
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While ATOM has remained somewhat flat, with a small increase of 1.23% in the past week and a drop of 4% in the past 30 days, experts believe it is poised for a significant upside.
ATOM’s market position is notable for its current value of $6.23, with a market cap of $2.50 billion and a 24-hour trading volume of $235 million. Despite the 0.54% decline in the last 24 hours, the market seems to be in a good mood at the moment, making it a good time for ATOM to make money.
Breakout signal of technical patterns
Prominent bitcoin guru Jonathan Carter highlighted the intriguing technological setup of Cosmos. On the daily chart, he notes that ATOM is trading a falling wedge pattern, which is sometimes interpreted as positive.
Cosmos is trading inside a falling wedge pattern on the daily chart💁♂️
Price currently near descending resistance and preparing for breakout📈
Potential 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 points to ATOM developing momentum and breaking through its descending resistance line, a crucial location where selling pressure has traditionally been strong.
Should ATOM manage to clear this barrier, a significant uptrend could begin. Carter has set four important ATOM price targets: $7.25 as an initial objective, followed by $8.85 and perhaps even $12.15 if the bullish trend continues. For those who position themselves ahead of the advance, these targets represent substantial profits.
Forecasts and indicators increase optimism
Several technical indications point to this positive view. A possible breakout is being established by rising trading volumes and bullish deviations from the momentum divergence indicator (Relative Strength Index). Traders are watching these indications closely and, once the resistance level is broken, they are likely to start a buying frenzy.
Data from Coincheckup shows that in the next seven days, ATOM is expected to show an upside, thus implying good momentum in the near future. ATOM’s recent performance shows a slight undervaluation, which suggests a possible buying opportunity for investors as it is now trading around 1.50% below its expected value for the next month.
Looking forward, the six-month ATOM growth estimate is a strong 58%; the one-year forecast shows an astonishing 108% increase. This long-term projection emphasizes faith in ATOM’s stability in the market and the possibility of significant increases.
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The highlight in Cosmos
Cosmos (ATOM) is becoming a standout performer as the Bitcoin community rides the wave of strength and eagerly awaits the impact of Ethereum ETFs.
Cosmos is poised to gain attention in the altcoin market as it has the ability to transcend its current price levels and generate notable increases.
ATOM is one to watch as traders and investors look for interesting prospects in the market. The next few weeks could be crucial for Cosmos, as it could lead to a breakout that will take it to unprecedented levels.
Featured image from Pexels, chart from TradingView