Cosmos Price Prediction: Bulls continue to dominate
|- Cosmos price is up 10% on the week, showing bullish strength during the middle of February.
- ATOM could set up a move toward the $16.80 region in the coming days.
- Invalidation of the bullish thesis could occur from a breach below $12.76.
Cosmos price shows bullish strength during the middle of February. A profitable trade setup is likely to manifest in the coming days.
Cosmos price points north
Cosmos price displays strong bullish signals after enduring last week's congestive market behavior that garnered 3% of losses. The bulls have successfully reconquered the 8-day exponential moving average and are attempting to solidify the bullish narrative by crossing over the 21-day simple moving average as well.
Cosmos price currently auctions at $14.22 as a consolidation zone is taking place between the aforementioned indicators. The relative strength index (RSI), an indicator used to gauge the kinetic potential of a trend by assessing previous swing points, shows Cosmos price as bottoming in an ideal support zone. There's also a bullish divergence between the low mark at the support zone at $12.76 and January 18's low at $11.48.
Considering these factors, the Cosmos price appear to be in a healthy uptrend. The next bullish target is 20% above the current market value at $16.80. The target is untagged liquidity dating back to 2022 when Cosmos price lost support from the $17 region.
Invalidation of the bullish thesis could arrive from a breach below the recent swing low at $12.76. In doing so, the bears could induce a 20% decline targeting the RSI's divergent low at $11.48.
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