Crypto analyst Valdrin Tahiri states that Cosmos (ATOM) has emerged from a descending resistance line and explains why altcoin performance will eclipse Bitcoin (BTC).
The most likely forecast for ATOM points to this level
Altcoin price has emerged from its main hurdle and may continue to move towards its next nearest resistance. cryptocoin.comATOM, the native token of the Cosmos ecosystem, has been rising since December 17. The upward move led to the yearly high of $15.23 on February 2nd. Also, the altcoin price broke out from a descending resistance line on February 1. This break was very important for two main reasons.
First, the line had been in place for 145 days. Breakouts from such long-term structures often lead to significant upside movements. Second, the line overlapped with the 0.618 Fib retracement resistance at $13.87, increasing its importance. Now, if the increase loses momentum, the region is expected to give support. The daily RSI data is interesting. The indicator previously formed a bearish trend (green line), causing a slight price drop. However, it has started to increase once again and may soon be above 70.
As a result, the most likely altcoin price prediction is for an increase towards the $16.65 resistance area. Conversely, a daily close below the $13.87 support and previous resistance line will invalidate this bullish analysis. In this case, ATOM price could drop to $11.
Altcoin price continues to surpass Bitcoin
Technical analysis for ATOM/BTC is steadily bullish. There are three reasons for this. First, the price retraced the 55,000 Satoshi support area (red circle) after previously deviating below it. This is a bullish sign that usually precedes an uptrend reversal.
Second, the price broke out of a descending resistance line and then confirmed it as support (green icon). Finally, the daily RSI broke above 50 and the price created a bullish candlestick in the past 24 hours. If the upward move continues, the nearest resistance area will be at 72,000 Satoshis. On the other hand, ATOM price could return to the 55,000 satoshi support area if the rally loses momentum.
As a result, the price forecast for both ATOM/USDT and ATOM/BTC is bullish. Daily closes below the horizontal support levels at $13.87 and 55,000 satoshis, respectively, invalidate these bullish predictions. In this case, the price could drop to $11 and 40,000 Satoshis, respectively.
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