- Cosmos would shatter the market structure and soar to new heights.
- Moving over $34.5 indicates that support has been replaced by resistance.
At the beginning of January, Cosmos was on a strong upward trend and was rapidly approaching the $44 supply range. ATOM has defined a range between two values. The recognition and expansion of Cosmos’ blockchain ecosystem might be one of the factors driving its good performance over the last month, despite the weakening of the rest of the market.
There were highs of $43.8 and lows of $34.36 in the range. At $34.5, there was convergence with solid support. Support and resistance levels have been seen at the $40.8 and $39.1 points of the range.
Break Out of the Range
The emergence of a trading range was a sign that the market was consolidating. However, the question remains as to whether or not this was a period of accumulation or dispersal. The only way to know for sure is if there is a break out of the range, either higher or lower.
In such a scenario, Cosmos would shatter the market structure and soar to new heights. As a condition for a scenario like this to play out, Bitcoin must first remain above the $40k support level. If there is another wave of heavy selling in Bitcoin, it might also push down Cosmos.
Read More: Bitcoin Price Prediction
Read More: Cosmos Price Prediction
The signs pointed to a substantial downward trend for ATOM in the medium term. Moving over $34.5 indicates that support has been replaced by resistance. According to CoinMarketCap, the Cosmos price today is $39.51 USD with a 24-hour trading volume of $833,532,465 USD. Cosmos has been up 8.93% in the last 24 hours.
