ATOM Price Rally Breaks $6: Fibonacci Levels Hint at $10 Target

Published by

Sohrab Khawas

November 19, 2024

ATOM Price Rally Breaks $6: Fibonacci Levels Hint at $10 Target

As altcoins are ready to shoot up in this bull market, ATOM price makes a Phoenix-style recovery. Overcoming long-term bearish influence, the $6 breakout run aims to change the trend character with a 50% Fibonacci breakout.

Will the bullish trend find broader market support to extend the rally to the $10 psychological in 2024? Let’s find out in our latest ATOM price prediction.

Cosmos (ATOM) Price Crosses $6

In the daily chart, the ATOM price action shows a V-shaped reversal gaining momentum. Starting from the $3.90 mark, the bullish recovery overcomes the resistance trendline impact with the breakout rally.

The breakout rally now stands at a 65% rise and is currently trading at $6.46. Following the massive 13.98% jump last night, creating a bullish and golden candle, the ATOM price action has broken multiple crucial resistance levels.

The altcoin has surpassed the 200-day exponential moving average line and the 38.20% Fibonacci level priced at $6.124. As the trend reversal gains momentum, the Fibonacci level breakout mark increases the credibility of the trend reversal rally.

Technical indicators:

EMA: The surge of bullish influence over the ATOM price trend teases a positive crossover between the 50-day and 100-day EMA lines. Furthermore, the 200-day EMA witnesses an uptick.

MACD: Aligning with the average lines, the MACD and signal lines maintain a positive trend.

Will The ATOM Price Top $10?

Based on the increasing trend momentum and the broader market recovery, the Fibonacci tool paint a bullish price target for ATOM. The immediate resistance for Cosmos stands at the 50% Fibonacci level at $7.19.

The bullish breakout of $7.19 will increase the chances of the Cosmos price reaching the $10 psychological mark. Beyond this, the 78.60% Fibonacci mark at $10.63 is the potential target range by the end of 2024.

On the flip side, the crucial supports are at the $6.124 and $5 psychological mark. However, the dynamic average lines at $5.87 and $5.02 could also help absorb any sudden surge in supply.

With a bullish reversal at play, will Cosmos reach $100? Find out more about Coinpedia’s latest ATOM price prediction.

FAQs

What is the current price of Cosmos (ATOM)?

Cosmos (ATOM) is currently trading at $6.46, with a 65% rise from its recent low of $3.90 and a 13.98% surge last night.

What are the key resistance levels for ATOM in the ongoing rally?

The immediate resistance is the 50% Fibonacci level at $7.19, with long-term targets at $10 and $10.63 (78.60% Fibonacci level).

What technical indicators support the ATOM price recovery?

A potential bullish EMA crossover, an uptick in the 200-day EMA, and positive MACD trends confirm the strength of the current rally.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.