Cosmos (ATOM) Poised for Potential Surge Past $10, Experts Say
Renowned crypto trading expert Ali Martinez has identified a falling wedge pattern in the latest chart of Cosmos (ATOM), suggesting the potential for a substantial surge in value. The pattern indicates that ATOM could reach as high as $10. However, not all followers share the same sentiment, with one dissenting voice arguing that labeling a surge to $10 as a “pop” might be an exaggeration.
Instead, the skeptic suggests that a genuine “pop” should entail a more significant increase, ranging from $15 to $18. They view the current movement in ATOM’s price as a retracement aimed at ensuring market liquidity.
In response, Martinez offers a nuanced perspective, highlighting the importance of aligning investment decisions with individual risk appetites. He acknowledges that each investor’s approach may differ based on their comfort level with risk. With a 7% upward movement, leveraging three times the initial investment could potentially yield a remarkable 21% gain.
Additionally, a pseudonymous cryptocurrency trader, Crypto Tony, is looking for ATOM to flip $10.30 into support for a long entry.
Recent data shows a slight upward trend for ATOM in the past 24 hours, with a modest increase of 0.06%. Over the previous week, it has demonstrated a 0.32% rise. ATOM has a support level at $8.74 and a resistance level at $9.78.
While ATOM has experienced 16 green days within the last 30 days, it is currently trading below the 200-day simple moving average and has undergone a substantial decline of -79% from its all-time high. This indicates the need for careful consideration when evaluating its current investment potential.
In conclusion, experts believe that Cosmos (ATOM) is poised for a potential surge past $10, with a falling wedge pattern indicating the possibility of an upward movement. However, opinions differ on the extent of this surge, with some suggesting a higher target range. Investors should carefully assess their risk appetite before making investment decisions.