- The currency met overhead resistance at $40.78.
- ATOM has been trading in an ascending channel for the previous week.
Finally, Cosmos had broken over the $36.94 barrier. ATOM and ALGO had a rather nice month at the end of the month. Algorand has also made significant progress in his rehabilitation during the previous week. It’s been a good week for ALGO, up 10.8% in the last week. The price of both cryptocurrencies has moved steadily upward, indicating a good technical outlook. About 9% is a reasonable growth objective for both Cosmos and Algorand.
ATOM has been trading in an ascending channel for the previous week, making new highs. The currency was trading outside the channel at the time of this writing. It had been more than two months since ATOM’s price had risen beyond $36,911. Coins have been trading above that price point recently, with ATOM gaining 46% in the last week.
Bullish Momentum Ahead
The currency met overhead resistance at $40.78 and found support at $25.45 and $20.93. In the short term, technical indicators showed a positive outlook, increasing market purchasing power.
As long as ALGO’s purchasing momentum continues, it might try to trade over its immediate resistance level, which would result in a 7% increase in its ROI during the future trading days. It was again approaching the overbought zone when the Relative Strength Index (RSI) appeared. In the prior month, there were many instances when this indicator had over the threshold, suggesting an increase in purchasing activity.
According to CoinMarketCap, the Cosmos price today is $42.57 USD with a 24-hour trading volume of $2,346,977,521 USD. Cosmos has been up 14.48% in the last 24 hours.
