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
Bitcoin Decouples From Gold, But Long-Term Correlation IntactData shows the digital gold narrative may be in danger on the short term as Bitcoin has diverged from Gold in its 30-day Correlation.
Author  Bitcoinist
Yesterday 07: 47
Data shows the digital gold narrative may be in danger on the short term as Bitcoin has diverged from Gold in its 30-day Correlation.
placeholder
Charlie Kirk’s Death Becomes a Crypto Flashpoint With ‘Justice’ TokensThe launch of new tokens following headline-making events is not new in the crypto market.
Author  Beincrypto
Sep 11, Thu
The launch of new tokens following headline-making events is not new in the crypto market.
placeholder
Meme Coins Price Prediction: Dogecoin confirms uptrend, reviving Shiba Inu, PepeMeme coins are on a bullish rebound, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) leading the way.
Author  FXStreet
Sep 11, Thu
Meme coins are on a bullish rebound, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) leading the way.
placeholder
Bitcoin Rebounds Toward $114,000, Hits Two-Week HighFresh highs in the S&P 500 and Nasdaq spark a Bitcoin breakout past key resistance.
Author  TradingKey
Sep 11, Thu
Fresh highs in the S&P 500 and Nasdaq spark a Bitcoin breakout past key resistance.
placeholder
Top 3 Price Prediction: BTC finds footing, ETH pauses, while XRP signals bullishnessBitcoin (BTC) price holds steady around $111,000 at the time of writing on Wednesday after facing a mild rejection the previous day.
Author  FXStreet
Sep 10, Wed
Bitcoin (BTC) price holds steady around $111,000 at the time of writing on Wednesday after facing a mild rejection the previous day.
Real-time Quote