Cosmos Price Prediction: ATOM Eyes 10% Gains Amid Chatter About a Fork

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

■  Cosmos price remains above a crucial supply barrier extending from $6.161 to $8.966 with the potential for more gains.

■  ATOM could climb 10% to tag the $10.218 resistance level, steered by bullish indicators and bullish speculation.

■  Invalidation of the bullish outlook will occur once the cryptocurrency breaks and closes below the $8.545 critical support.


Cosmos (ATOM) price is trading with a bullish bias despite a rejection from the $10.218 resistance level. The optimism comes on the back of chatter of a possible fork, expected to result in an airdrop, an outcome that would be effectively bullish for Cosmos Hub.


Cosmos price remains bullish with a possible fork in sight

Cosmos (ATOM) price is broadly bullish after the network’s founder, Jae Kwon, declared plans to fork Cosmos Hub and build a new chain Atom.


With this optimism, Cosmos price could move north, with the Relative Strength Index (RSI) deviating toward the north to show momentum is rising. Its position at 55 points to strong price strength, bolstered by the Awesome Oscillator (AO) in positive territory.


Increased buying pressure could see Cosmos price extend north, clearing the $10.218 resistance level, before an extended move north to tag the $10.803 resistance level. A break and close above this level would mark the completion of the recovery rally and potentially kick-start an uptrend.

ATOM/USDT 1-day chart, Source: TradingView.


On the other hand, if selling pressure increases, Cosmos price could drop into the supply zone that now acts as a bullish breaker stretching from $8.161 to 8.966. To confirm the downtrend, however, the price must break and close below the midline of this order block at $8.545.


Such a move could set ATOM on the path for a continuation of the trend. Cosmos price would likely then tag the $8.027 range low. 


* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Ethereum Approaches Decisive Level – Trading Around 200 DMA ResistanceEthereum is showing renewed strength after climbing above the $2,600 mark with ease, holding firmly above key support levels as bulls attempt to reclaim momentum.
Author  NewsBTC
2 hours ago
Ethereum is showing renewed strength after climbing above the $2,600 mark with ease, holding firmly above key support levels as bulls attempt to reclaim momentum.
placeholder
Bitcoin Nearing ATH, But Social Media FOMO Signals WarningData shows Bitcoin sentiment on social media may be starting to become overheated, a sign that could end up being a threat to the price rally.
Author  Bitcoinist
2 hours ago
Data shows Bitcoin sentiment on social media may be starting to become overheated, a sign that could end up being a threat to the price rally.
placeholder
Strategy's Bitcoin Holdings Reach All-Time High—Stock Poised for a Surge  TradingKey – Strategy’s Bitcoin holdings have hit a record valuation, signaling potential further stock gains.  On Tuesday, June 10, Bitcoin (BTC) broke past $110,000, driving Strategy (MSTR) to a new
Author  TradingKey
16 hours ago
TradingKey – Strategy’s Bitcoin holdings have hit a record valuation, signaling potential further stock gains.  On Tuesday, June 10, Bitcoin (BTC) broke past $110,000, driving Strategy (MSTR) to a new
placeholder
Bitcoin ETFs Heat Up With $386 Million Inflows After Price Spike | ETF NewsBitcoin exchange-traded funds (ETFs) saw strong demand yesterday, with total net inflows exceeding $350 million. This followed BTC’s breakout past the $105,000 resistance level to close above the $110,000 price.
Author  Beincrypto
17 hours ago
Bitcoin exchange-traded funds (ETFs) saw strong demand yesterday, with total net inflows exceeding $350 million. This followed BTC’s breakout past the $105,000 resistance level to close above the $110,000 price.
placeholder
Bitcoin Skyrockets Near $110,000 Amid US-China Tariff DiscussionsThe market’s leading cryptocurrency, Bitcoin (BTC), experienced a notable spike on Monday, surging past the $108,000 mark after a period of consolidation between $100,000 and $106,000 for the past week.
Author  FXStreet
17 hours ago
The market’s leading cryptocurrency, Bitcoin (BTC), experienced a notable spike on Monday, surging past the $108,000 mark after a period of consolidation between $100,000 and $106,000 for the past week.
Real-time Quote