Cosmos (ATOM) is seeing a bullish breakout in intraday trading, surging over 10% in the last 24 hours. The coin, at the time of writing, was trading at $29.09. Analysts see resistance around $30.76, and it seems ATOM is struggling to break that threshold. But it's still consolidating, and with the current momentum, the coin is likely to add up to today's intraday gains. Here are some highlights to note:
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Cosmos (ATOM) is currently trading above its 200-day simple moving average, a positive outlook on its trend.
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ATOM is facing overhead resistance of around $30.76, and despite the 10% surge, its yet to break above that price
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Nonetheless, the coin is above the 20, 50, and 200-day simple moving average, a bullish alignment that will see more growth.
Data Source: Tradingview.com
Cosmos (ATOM) – price action and predictions
Most momentum indicators on ATOM appear to suggest a bull run is well and truly underway. As noted above, the coin is trading above three key SMAs, a sign that buyer activity is high. Also, the relative strength index shows a bullish resurgence.
In fact, many analysts see the RSI pushing ATOM above its $30.76 resistance, something that could trigger a sustained uptrend or price consolidation around $30. Besides, the coin has largely traded around daily highs today, something that suggests a reversal of this bullish uptrend is unlikely in the near term.
Should you buy Cosmos (ATOM)
Cosmos is an innovative blockchain project designed to give the industry a better alternative to the more expensive and energy-consuming proof-of-work networks. Ever since its launch in 2016, the chain has earned praise and admiration across the board. It is here to stay in fact, Cosmos is expected to be a major player in the blockchain ecosystem in the long term. So, for long-term value investors, it is a great buy.