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Can ATOM Increase By 70% By Breaking The Consolidation Range?

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Cosmos Is a decentralized network or blockchain ecosystem that allows distinct interoperable blockchains. It is a network with a mysterious yet valid goal to create an internet of blockchains, where various distinct chains could interact and communicate with each other and simultaneously could do transactions with one another as well.

Technical Outlook of Cosmos (ATOM) Crypto Price

ATOM price had been doing great until March 7th, 2024, when the price was rallying and reached $14.20. However, the price was not able to keep on to its gains and dropped by following a declining trendline.

However, the Cosmos crypto fell up to $7.20, which gave candle closing to form a support at $8.00 by mid-April and has been consolidating in a Darvas box range. 

The price range of $7.25 to $9.40 signifies that the bulls are holding the key support, and bears are desperately trying to breach the support. But, bears are not that strong to break the support level of $8.0. This could be a major sign of a comeback, as the price needs a push to break the Darvas box range and aim for 70% growth on the daily chart.

Assessing the Consolidation Zone 

Similarly, Cosmos (ATOM) asset price indicators are demonstrating consolidation as well, as they stay close to the 20-day and 50-day EMAs. Likewise, the MACD is exhibiting neutrality, and the RSI is at the median line at 50.30, which implies that ATOM is trapped, as its relative strength is at the neutral line, and there is no strength in price yet.

Analyst Jesse Olson posted an optimistic tweet, that ATOM shows a buy signal over the daily chart, and a bullish breakout could be triggered out of this Darvas box consolidation.

Overall, Cosmos (ATOM) looks primed for a massive surge as it builds up strength by consolidating in the Darvas box sideways price range. Once breached, the price could thrust through the resistance and skyrocket to new levels from the current support levels.

At press time, ATOM fell slightly by 0.27% in the last 24 hours, trading at $8.59. Therefore, if the demand for the asset rises abruptly, then Cosmos (ATOM) could bounce back from the current level. The next target for the ATOM could be to reach $12.0 and $14.30.

However, if the Cosmos (ATOM) fails to maintain above the $8.0 level, it could decline further.

Summary

Cosmos (ATOM) price surged to $14.20 but then declined and ended up consolidated in a range between $7.25 and $9.40. Indicators suggest that ATOM is consolidating, with the possibility of a bullish breakout from this sideways range, once enough buying is generated.

Analysts are optimistic about a potential surge in ATOM’s price, with a target of $12.0 and $14.30. If ATOM remains above $8.0, it could bounce back; otherwise, it may decline further.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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