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Sohrab Khawas
Sohrab Khawas
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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.
- Jun 06, 2024 06:59 UTC
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ATOM Price Signal Bull Run Chances, Teasing A 57% Jump To $13
ATOM price maintains a sideways trend in the weekly chart.
The fresh bull cycle aims to surpass the 50D EMA.
The ATOM price eyes the $10 mark.
As altcoins are making a comeback in this recovering market, the bull run chances in the long-silent altcoin are increasing. One such token, ATOM, shows a price trend ready to reclaim the uptrend.
With a 5% jump within 48 hours, the ATOM price trend shows a comeback possibility in the coming days. With a bullish reversal at play, the ATOM price prediction teases a recovery in 2024.
Cosmos Price Prediction
With the Cosmos market cap closing towards $10 Billion, the ATOM price trend shows a positive cycle at play. However, the weekly chart below shows a sideways trend continuation above the $8 mark.
In the daily chart, the $8 cushion provides multiple bounce-back and challenges the dynamic resistance of the 50D EMA. As the ATOM price projects a consolidation range breakout to conclude the bearish phase, we can shortly witness an underlying sentiment shift.
Currently, the ATOM price trades at $8.616 with an intraday pullback of 0.89%, following the two consecutive bullish candles in the 1D chart.
Technical indicators:
EMA: The weekly 50 and 200 EMAs maintain a bearish trajectory following the death cross. In the daily chart, the 50D and 200D EMA paint a similar picture, with the 50D EMA providing dynamic resistance after the death cross.
RSI: The weekly RSI line targets the halfway line with the recent recovery and reveals a growth in underlying bullishness.
Will The ATOM Price Cross 50D EMA?
As the Bitcoin price sustains above $71K and Ethereum aims to cross $4,000 this month, the altcoins are ready for a bounce back. Amidst this, the sideways trend in the ATOM price signals a comeback possibility if it surpasses the 50D EMA.
The 50D EMA breakout rally will result in a trend reversal in the weekly chart if it breaks the consolidation range. Under such assumptions, the Cosmos token price prediction reveals $13 as a potential high in June.
On the other hand, a reversal from the 50D EMA could prolong the sideways trend with a decline to the $8 support.
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