Cosmos Price Prediction: ATOM sets the stage for 20% move

Cosmos price approaches a long-standing support level for the fourth time in the last two months. With each bounce, ATOM has consolidated tighter, signaling that a breakout could catalyze a volatile move. 

Also read: Cosmos Price Forecast: Things could get worse for ATOM before they get better

Cosmos price approaches critical levels

Cosmos price bounced off the $10.55 support level on May 11 and triggered a 26% rally. Following this, ATOM rallied 22% and 13% on the following two occasions it tagged the aforementioned foothold. 

As Cosmos price revisits this level again, investors can expect cryptocurrencies, in general, to kick-start a new uptrend. If this move comes to pass, ATOM will likely target the $13.29 hurdle. A successful flip of this blockade into a support level could see the altcoin retest the $15.44 resistance level.

These two levels would require Cosmos price to rally 20% and 40%, respectively. 

The confirmation of an uptrend can be seen in the Relative Strength Index (RSI) and the Awesome Oscillator (AO), both of which are hovering below the mean line. A flip of their respective mean levels on the daily chart would be a buy signal.

ATOM/USDT 1-day chart

On the other hand, if Bitcoin price suffers a negative impact due to the macroeconomic events, Cosmos price could tank as well. If ATOM slides lower and flips the $10.55 support level into a resistance barrier, it will invalidate the bullish thesis.

In such a case, Cosmos price could shed 11% and tag the next foothold at $9.36.