Fibonacci Levels Hint at $10 Target
ATOM price has seen a phoenix-like recovery as the altcoin rallies in the bull market. Overcoming the long-term bearish implications, the $6 breakout aims to change the characteristics of the trend with a 50% Fibonacci breakout.
Will the bullish trend find broader market support to extend the rally into the psychological $10 mark in 2024? Let’s take a look at our latest ATOM price prediction.
Cosmos (ATOM) Price Breaks Above $6
On the daily chart, ATOM price action shows a V-shaped reversal gaining momentum. Starting from the $3.90 mark, the bullish recovery overcame the resistance trend line and broke out to rebound.
It has gained 65% from its breakout rally and is currently trading at $6.46. ATOM price action has broken above several key resistance levels following a sharp 13.98% surge last night, forming a bullish golden candle.
The altcoin has broken above the 200-day exponential moving average and the 38.20% Fibonacci level at $6.124. As the trend reversal gains momentum, the Fibonacci level breakout mark adds credibility to the trend reversal rally.
Technical indicators:
EMA: A surge in bullish influence on the ATOM price trend signals a positive crossover between the 50-day and 100-day EMA lines. Additionally, the 200-day moving average is showing gains.
Smoothed Moving Average Convergence and Divergence: In line with the averages, the MACD and signal lines maintain a positive trend.
Will ATOM Price Break Above $10?
The Fibonacci tool paints a bullish price target for ATOM based on growing trend momentum and a broader market recovery. Immediate resistance for Cosmos lies at the 50% Fibonacci level at $7.19.
A bullish break above $7.19 will increase the chances of Cosmos price reaching the psychological $10 mark. Beyond that, the 78.60% Fibonacci level ($10.63) is a potential target range for late 2024.
On the other hand, key support lies at $6.124 and the psychological $5 mark. However, the moving averages at $5.87 and $5.02 may also help absorb sudden surges in supply.
Will Cosmos hit $100 as bullish reversal takes place? Learn more about the latest news from Coinpedia ATOM price prediction.
FAQ
Cosmos (ATOM) is currently trading at $6.46, up 65% from the recent low of $3.90, after surging 13.98% last night.
What are the key resistance levels for ATOM on its continued rise?
Current resistance is the 50% Fibonacci level at $7.19, with long-term targets at $10 and $10.63 (78.60% Fibonacci level).
A potential bullish EMA crossover, a rising 200-day EMA, and a positive MACD trend confirm the strength of the current rally.
