The cryptocurrency market is full of hope as the recent rise of Bitcoin and the launch of the Ethereum ETF today seem to be creating a positive wave. In this turbulent environment, Cosmos (ATOM) is one cryptocurrency that shows great potential for a big breakthrough.
While ATOM remains relatively stable, showing a small 1.23% gain over the previous week and a 4% drop over the past 30 days, experts believe it is poised for significant growth.
ATOM’s position in the market is notable for its current price of $6.23, a market cap of $2.50 billion, and a 24-hour trading volume of $235 million. Despite a 0.54% pullback in the last 24 hours, the market seems to be in a good mood right now, making this a good time for ATOM to make money.
Technical patterns signal a breakout
Renowned Bitcoin guru Jonathan Carter has highlighted the intriguing technological configuration of Cosmos. On his daily chart, he notes that ATOM is negotiating a descending wedge, which is sometimes interpreted as positive.
#ATOM
Cosmos is trading inside a descending wedge on the daily chart💁♂️
Price is currently near downward resistance and is preparing for a breakout📈
Potential targets after the breakout could be $7.25, $8.85 and $12.15🎯 pic.twitter.com/P3n0O3pXBA
— Jonathan Carter (@JohncyCrypto) July 21, 2024
This trend indicates that ATOM is building momentum and breaking through its descending resistance line, an important point where selling pressure has traditionally been strong.
If ATOM can break through this barrier, a significant uptrend could begin. Carter has set four important price targets for ATOM: $7.25 as an initial target, followed by $8.85 and possibly $12.15 if the bullish trend continues. For those positioned ahead of the breakout, these targets represent significant profits.
Forecasts and indicators boost optimism
Several technical indicators point to this positive outlook. A possible breakout is being established by rising trading volumes and optimistic deviations in the divergent momentum indicator (relative strength index). Traders are closely monitoring these indicators, and once resistance is broken, they are inclined to begin a buying frenzy.
Data from Coincheckup shows that ATOM is expected to show gains over the next seven days, implying good momentum in the near future. ATOM’s recent performance shows a slight undervaluation, suggesting a possible buying opportunity for investors, as it is currently trading about 1.50% below its expected value for the next month.
Looking ahead, ATOM’s six-month growth estimate is a strong 58%; the one-year forecast shows an astonishing 108% growth. This long-term forecast underscores the belief in ATOM’s stability in the market and the potential for significant growth.
The spotlight is on space
Cosmos (ATOM) is performing exceptionally well as the Bitcoin community rides the wave of growth and looks forward to the impact of an Ethereum-based ETF.
Cosmos has every chance to attract attention in the altcoin market as it is capable of surpassing its current price level and providing significant growth.
ATOM is one to pay special attention to as traders and investors look for interesting prospects in the market. For Cosmos, the next few weeks could prove crucial as they allow for a breakout that will take it to unprecedented heights.
Main image by Pexels, chart by TradingView
