• Mon. Oct 3rd, 2022
1660936694757 2bce7365 8a9b 48a9 b4ef 5697d6fdd202
1660936694757 2bce7365 8a9b 48a9 b4ef 5697d6fdd202

  • Cosmos (ATOM) trades around $10.86, nearly 10% down in the past 24 hours.
  • ATOMUSD was rejected around $12.25 and could dip to support below $10.00.
  • Crypto analyst Michael van de Poppe says a breakdown to $8.00 is possible, although holding above current prices could trigger fresh gains towards $18-$20 over next one month.

Cosmos (ATOM) price rejection at the top of $12.25 on Thursday has extended towards the $10.00 support level amid fresh profit booking intraday Friday.

Analyst on ATOM price

The ATOM/USD pair, which has shed nearly 10% at the time of writing and is perched near $10.86 could continue lower in the short term to retest a key support level.

If bear exhaustion manifests, a sudden bounce over the coming weeks could still see bulls reclaim winnings above the rejection point around $12.00. Notably, this upbeat perspective could open up the Cosmos price to a new rally over the next few months.

According to popular crypto analyst Michael van de Poppe, the two scenarios above are very much likely for the 28th ranked Cosmos.

1660935860900 43f06a97 378c 4988 b5e2 e22957535546ATOMUSDT 1-day chart by Michael van de Poppe At massive levels of support here, which is reasonable for long entries,” the analyst said, pointing to ATOM’s retreat to intraday lows near $10.42. This move has bulls looking at a crucial support zone with a base near $9.60 on the daily time frame.

Van de Poppe says buyers might have to seek another uplift at $8.00 if the above buffer “is lost.” However, if bulls manage to push against the bearish pressure and hold the demand zone, it could act as a potential trigger for a new leg up.

Cosmos’ price in this scenario would be looking at a run to $18-$20 over the coming month, the analyst noted in a tweet shared on Friday.

The weekly chart also has the main resistance at the 20-week moving average at $12.53, while robust support can be found near $5.35.

The post Cosmos price outlook: here’s what top analyst says about ATOM appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

Need Help?
Scan the code