ATOM Completes Correction, Expected to Keep Going Up

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In Brief
  • ATOM has bounced at the $17 support area.

  • It is in wave five of a bullish impulse.

  • ATOM/BTC has reclaimed the 32,000 satoshi area.

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The Cosmos (ATOM) price has been increasing since April 23 and is aiming for a new all-time high.

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ATOM is expected to be successful in reaching a new all-time high. Afterwards, it is likely to move towards the targets outlined below.

ATOM bounces of support

ATOM has been moving upwards since April 23, when it bounced at the $17 support area. So far, it has managed to reach a high of $27.18, just below the all-time high price of $28.50. 

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Despite the failure to reach a new high, technical indicators are bullish. This is especially evident by the bullish cross in the Stochastic Oscillator, and the RSI cross above 50. Furthermore, the MACD is positive and increasing. 

Therefore, the token is expected to increase and eventually reach a new all-time high price.

ATOM has moved above the 0.786 Fib retracement resistance. Therefore, based on the daily chart, there is no discernible horizontal resistance area.

Chart By TradingView

Wave count

Cryptocurrency trader @Mesawine1 outlined an ATOM chart, stating that the ongoing breakout could take it all the way to $40.

Source: Twitter

The wave count does suggest that ATOM has indeed completed wave four (white) of a long-term bullish impulse with its April 23 low.

The two most likely targets for the top of the upward movement are found at $32.5 and $42.2, respectively. 

They are found by using a Fib projection on waves 1-3.

Chart By TradingView

ATOM/BTC

The ATOM/BTC chart is also bullish. It has been moving upwards since March 13, when it reclaimed the 3200 satoshi area, validating it as support. 

The upward movement is also supported by technical indicators. The MACD & RSI are increasing, the former being positive while the latter being above 50. In addition, the Stochastic Oscillator has made a bullish cross. 

The next closest resistance area is found at 55,000 satoshis.

Chart By TradingView

To conclude, ATOM is expected to reach a new all-time high . Afterwards, it is expected to at least reach the $37.5 area, potentially going all the way to $42.2

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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