Analysis

Cosmos (ATOM) may make another attempt at the new ATH

Cosmos (ATOM) is up 13% today and it may soon make a third attempt to break the $44.5 horizontal resistance area.

Another breakthrough

On September 20th, ATOM made a new all-time high of $44.8 (red symbol) and then started a long correction that also led to a low of $20.18 on December 15th. Since then it has increased.

On Jan 7th and 17th, the price made two attempts to break above the $44.50 area (red icon). However, it failed both times.

Between this point, the price bounced off the $33.3 zone and confirmed it as support (green icon). The price has since risen and is once again approaching the $44.5 zone, which may attempt another breakout.

 Source: TradingView

Will ATOM hit a new all-time high?

Technical indicators for the intraday support the continuation of the uptrend towards new all-time highs. This is particularly evident by the hidden bullish divergence (green line) on the RSI, which is a very strong sign of trend continuation.

The last time such divergence developed (highlighted), an uptrend of 150% magnitude followed, leading to the current ATOM all-time high.

The RSI is also above 50, a level associated with a bullish bias.

Therefore, according to this indicator, a new all-time high is likely.

Source: TradingView

Future movement

With the ATOM very close to the all-time high, using the outer Fib retracement level is essential to identify the next levels of resistance.

Using one of the recent (highlighted) declines, the next resistances are found at $51.45 and $59.80. These are the external Fib resistance values ​​of 1.27 and 1.61 respectively.

Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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