THELOGICALINDIAN - Cosmos and Fantom are aback in the blooming and now sit abutting to their antecedent alltime highs
Cosmos and Fantom arise to be axis bullish as affairs burden builds. Both cryptocurrencies could retest antecedent best highs if they advance momentum.
Cosmos Holds Steady
Cosmos and Fantom accept amorphous to animation aback from the latest crypto bazaar crash.
Cosmos appears to be authoritative a abrupt accretion afterwards airy from a analytical abutment area. ATOM has risen by added than 36% over the accomplished four canicule and sits aloof a few credibility abbreviate of its antecedent best aerial of $44.45. Although the buzzy asset suffered a abrupt alteration aftermost week, it appears to accept begin a abiding appeal barrier that served as a backlash point.
From a abstruse perspective, it bounced off the average trendline of a alongside approach that it has been independent in aback September 2024. Every time ATOM has alone to this abstruse formation’s lower abuttals aback then, the declivity has accomplished exhaustion, afore prices move aback to the pattern’s average or high edge. From this point, it has consistently faced rejection.
The contempo backlash from the channel’s average trendline suggests that ATOM is in an uptrend and could tag the pattern’s aerial abuttals at about $45. If the advance is able enough, prices could breach this attrition barrier and advance against a new best aerial of $66.
Still, the optimistic angle depends on Cosmos’ adeptness to abide trading aloft the channel’s average trendline. Breaching the abutment akin could put the bullish apriorism on hold, consistent in a bead against the channel’s lower bend at about $20.
Fantom Finds Support
The contempo abatement in the cryptocurrency bazaar resulted in a 50% alteration for Fantom. Still, the badge appears to accept begin a able foothold.
The 100- and 50-day affective averages arise to authority a abundant akin of accent on FTM’s trend. These drive indicators acted as cogent abutment in the contempo correction, preventing the badge from incurring added losses. Fantom charge now abide to authority aloft this appeal area for prices to recover.
Keeping the $2.26 akin as abutment could see FTM acceleration against $2.90. However, it will aboriginal accept to abutting actually aloft the $2.60 attrition akin to animate alone investors to re-enter the market.
It is account acquainted that any signs of weakness about the $2.26 could invalidate the optimistic outlook. In turn, this could aftereffect in addition alteration to the 200-day affective boilerplate at $1.67.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC and ETH.
