Cosmos (ATOM) is Solely 7% Away From New All-Time Excessive Worth

Cosmos (ATOM) has elevated by 13% at present and will quickly make its third breakout try above the $44.5 horizontal resistance space.

On Sept 20, ATOM reached a brand new all-time excessive worth of $44.8 (pink icon), after which started an extended corrective interval, whereas led to a low of $20.18 on Dec 15. It has been rising since. 

On Jan 7 and 17, it made two breakout makes an attempt (pink icons) above the $44.50 space. Nonetheless, it was unsuccessful in each. 

Between then, it bounced on the $33.3 space, validating it as assist (inexperienced icon). It has been rising since and is approaching the $44.5 space as soon as extra, possible making one other breakout try.

Cryptocurrency dealer @George1Trader tweeted an ATOM chart, stating that the token is more likely to transfer in direction of the vary excessive at $44.5

Because the tweet, ATOM has elevated and is at the moment attempting at breaking out.

Will ATOM attain a brand new all-time excessive?

Technical indicators within the every day time frame assist the continuation of the upward motion in direction of a brand new all-time excessive worth. That is particularly seen by the hidden bullish divergence (inexperienced line) within the RSI, which is a really sturdy signal of pattern continuation. 

The earlier time such a divergence developed (highlighted), an upward motion with a magnitude of 150% adopted, resulting in the present ATOM all-time excessive worth.

The RSI can also be above 50, a studying which is related to bullish tendencies.

Subsequently, in response to this indicator, a brand new all-time excessive worth is probably going.

Future motion

Since ATOM could be very near a brand new all-time excessive worth, using an exterior Fib retracement is required with a purpose to decide the following closest resistance ranges.

When utilizing one of the vital latest lower (highlighted), the closest resistance ranges are discovered at $51.45 and $59.80. These are the 1.27 and 1.61 exterior Fib retracement resistance ranges, respectively.

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