Cosmos (ATOM) Prepared to grow by 50%
The cryptocurrency market is full of hope because Bitcoin's recent rise and the launch of the Ethereum ETF today are believed to be creating a positive wave. In this tumultuous environment, Cosmos (ATOM) is one cryptocurrency that is showing great potential for a breakout.
While ATOM remains somewhat stable, with a slight 1.23% increase from the previous week and a 4% drop over the past 30 days, experts believe that it is almost poised for significant growth.
ATOM's market position is remarkable at its current value of $6.23 with a market value of $2.50 billion and a 24-hour trading volume of $235 million. Despite being down 0.54% over the past 24 hours, the market seems to be in a good mood right now, making ATOM a good time to make money.
Technical patterns are signaling a breakout
Renowned bitcoin guru Jonathan Carter has highlighted an intriguing Cosmos tech configuration. On the daily chart, he notes that ATOM exhibits a declining wedge pattern that is sometimes interpreted as positive.
This trend indicates that ATOM is gaining momentum and breaking through the declining resistance line, a crucial place where selling pressure has traditionally been strong.
If ATOM can break this barrier, a significant uptrend could begin. Carter has set four important price targets for ATOM: $7.25 as an initial target, followed by $8.85 and possibly as high as $12.15 if the optimistic trend continues. For those positioned in anticipation of a breakout, these targets reflect substantial gains.
Forecasts and indicators are encouraging
Several technical signs point to this positive outlook. Rising trading volumes and optimistic deviations in the divergent momentum indicator (relative strength index) are indicative of a possible breakout. Traders closely monitor these signs, and as soon as a resistance level is broken, they tend to start frantic buying.
Coincheckup data shows that ATOM is projected to show gains over the next seven days, implying good momentum in the near future. ATOM's recent performance shows a slight undervaluation, suggesting a possible buying opportunity for investors as it is now trading about 1.50% below its expected value next month.
Looking ahead, we note that ATOM's six-month growth estimate is a strong 58%; the full-year forecast shows an astounding 108% growth. This long-term outlook underscores the belief in ATOM's stability in the market and the potential for significant growth.
The focus on Cosmos
Cosmos (ATOM) has been performing outstandingly well as the bitcoin community is riding a wave of growth and excitedly awaiting the effects of the Ethereum ETF.
Cosmos is looking to gain traction in the altcoin market as it has the opportunity to outperform its current price levels and deliver notable growth.
ATOM is one to watch out for as traders and investors look for interesting prospects in the market. For Cosmos, the next few weeks could be crucial as they will allow for a breakout that will take it to unprecedented heights.
