Cosmos (ATOM) – Eying new record heights

Cosmos (ATOM) – Eying new record heights

Posted on Sunday, January 16 2022 at 8:23 pm GMT+0000

Cosmos (ATOM) rocketed higher and snapped the 2-month-old downward sloping channel aiming for new record heights, but its efforts proved fruitless earlier this month. However, it lately gathered momentum heading for a second attempt. The simple moving averages (SMA) are promoting further advances being on the verge of posting a triple bullish crossover.

Furthermore, the momentum oscillators are suggesting that the bullish cycle still has room to run. The ROC is pointing north above its equilibrium line, while the Stochastic %K line crossed beyond the %D line and just emerged into the overbought area.

So, the price is confronting the 44 level for the second time this month after the recent bullish propulsion from the 32.8 support. A daily close above that crucial resistance will boost buyers’ confidence to propel towards the Fibonacci golden number at 52. Next, they will target the 227.2% Fibonacci extension at 60.

However, if the 44 level once again holds firm, the price will ease back towards the 27th of December high at 32. Any violation of that vital support backed by the 100-day simple moving, will dramatically dampen the technical picture and trigger additional deteriorations initially towards the 29th of December low at 25.

In brief, Cosmos is exhibiting a strong bullish structure, and following a firm break above the all-time high, it will shoot towards 52.