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Cosmos Price Forecast: ATOM/USD goes ballistic eyeing $6.00 critical level

  • Cosmos leads altcoins in recovery on Monday as it consistently rises to take down the critical hurdle at $6.00.
  • ATOM/USD remains in the hands of the bulls despite overbought conditions as observed with the RSI.

Cosmos is towering above the cryptocurrency landscape with impressive gains on Monday. The Asian session has been laced with consistent gains to the extent the price has broken above $5.50 key level. In the last 24 hours, ATOM/USD accrued over 18% in gains. However, a reversal took place before hitting the critical level at $6.00.

Meanwhile, Cosmos is doddering at $5.32 at the time of writing. Gains are likely to continue in the near term especially if support is established above $5.00. The cryptocurrency is already overbought based on the level of the RSI above 70.

Similarly, the MACD highlights the potential for a rally breaking above $6.00 but first, the selling pressure at $5.50 must be broken. The MACD features a significant bullish divergence that puts bulls in control. The gap printed by the 50 SMA above the 100 SMA in the 4-hour timeframe also reinforces the buyers growing influence over the price.

In case of a reversal from the current market price level, ATOM/USD will try to seek support at $5.00 and $4.00. If push comes to shove and losses continue, we can expect the 50 SMA at $4.20 and the 100 SMA at $4.00 to come in handy as major support areas.

ATOM/USD 4-hour chart

ATOM/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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