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.
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.
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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