• Cosmos (ATOM) has broken past the $10.6 resistance, setting it up for a potential rise to $15.4 and $17.
• The 12-hour chart shows that the market structure has flipped to bullish, with the $10.6 and $11.5 levels acting as important supports.
• A pullback to the $12 or the $11-$11.33 area could present a buying opportunity.
Cosmos (ATOM) has recently seen a surge in its price, smashing its way past the $10.6 resistance which had been a large obstacle for the bulls since mid-November. This move higher was likely fuelled by the growth of Bitcoin, which itself is back above the $20k mark. With this newfound momentum, ATOM could potentially be on its way to reach the long-term resistance levels at $15.4 and $17.
Looking at the 12-hour chart, the bullish break of the order block (highlighted in cyan) at the $10.6 level has flipped the market structure to the bull’s favour. With the $10.6 and $11.5 levels acting as important supports, traders can look to buy into these levels if the price pulls back.
The 4-hour chart shows that the price of ATOM is currently consolidating at the $12 mark and between the $11-$11.33 area. A revisit to these zones would likely present a buying opportunity. It is also possible that ATOM could continue higher without revisiting these zones, but this is highly dependent on the performance of Bitcoin.
Overall, Cosmos has managed to break past a major resistance level, setting it up for a potential rise to $15.4 and $17. If the price pulls back, traders can look to buy into the $12 or the $11-$11.33 area. However, it is important to note that this is not financial advice and investors should always do their own research before making any investment decisions.