THELOGICALINDIAN - ATOMs amount continues to rise
Cosmos continues its contempo rise, with the ever-popular cryptocurrency now trading at its accomplished akin back late-July this year. The ATOM / USD brace has been on a multi-day blemish and announcement able assets for eight of the aftermost nine trading days.
The assemblage this anniversary has added over twenty percent to Cosmos’s value, while the cryptocurrency now trading over ninety percent college back October 25th.
What is potentially added absorbing is the bulk of accessible upside larboard in the rally, as both the abbreviate and medium-term technicals for the ATOM / USD brace are pointing to added double-digit assets ahead.
The four-hour time anatomy shows that the contempo beforehand has helped to anatomy a huge astern arch and amateur pattern, which has the abeyant to actuate Cosmos appear the $6.00 level.
A blemish aloft the $4.22 akin is currently appropriate to burn the bullish pattern. Given the able run college it would not be abnormal to see accumulation demography kick-in from about the $4.00 akin afore the assemblage resumes.
The circadian time anatomy has been alluding to an upside blemish for the ATOM / USD brace for some time, with a bullish falling block arrangement allowance to adumbrate the run college we accept apparent in Cosmos over the aftermost few weeks.
The falling block arrangement suggests that a move appear the $6.00 akin is absolutely possible. The cerebral $5.00 akin will additionally be a advantaged ambition for medium-term bulls.
Overall, dip-buying is now favored, affairs abstruse pullbacks appear the $3.20 akin should be ideal to access aback into the continued barter if a able pullback from the $4.00 akin occurs.
According to the latest affect abstracts from TheTIE.io, the concise affect appear Cosmos is bullish, at 66.00 %, while the all-embracing abiding affect appear the cryptocurrency is additionally bullish, at 64.00%.
Upside Potential
The four-hour time anatomy shows that a ample astern arch and amateur arrangement has formed, with the $4.22 akin acting as the neckline of the bullish pattern.
Key abstruse attrition for the ATOM / USD brace aloft the bullish arrangement is currently amid at the $5.00 and the $6.00 levels.
Downside Potential
The four-hour time anatomy is assuming that the ATOM / USD pair’s 50-period affective boilerplate on the four-hour time anatomy is currently accouterment the arch anatomy of concise abstruse support, about the $3.50 level.
The circadian time anatomy shows that the $3.00 akin offers able abstruse abutment and charcoal a key breadth that sellers may ambition if accumulation demography from the $4.22 akin occurs.
Summary
Cosmos has superb technicals over both the abbreviate and medium-term, authoritative it a close admired amidst traders and investors at the moment.
The $6.00 akin is a acceptable medium-term target, with the $4.22 akin the capital near-term abstruse obstacle traders charge overcome.
To get a quick refresher advance on Cosmos analysis out our bread adviser here. Our SIMETRI Research aggregation has additionally appear a abounding agenda asset address on Cosmos.
