In fulfilment of bullish Cosmos price predictions following the break of the bullish wedge pattern, the ATOM/USDT pair has gained 1.33% this Thursday after continued market interest on the demand side of the equation. The ATOM/USDT pair has now gained in five out of the last seven trading days, of which the 17.15% gain on Monday has proven to be the star performance of the token.
Recent gains have been boosted by the announcement of the token’s listing on the FTX exchange, where it will now be available for trading on a spot basis using the ATOM/USDT and ATOM/USD pairs. A second factor pushing demand for the token is the recent bridge that links several Cosmos blockchain projects to Polkadot. The Cosmos and Astar bridge is one such collaboration. Delivered by the Octopus network, the bridge will connect the entire Cosmos ecosystem with Polkadot using the Astar multichain multi-VM smart contract hub.
Following the completion of the double top at the first touchpoint of the wedge’s lower border, the price action evolved within the wedge until it finally broke the wedge’s upper border at the 25.84 resistance line. This opened the door for a measured move towards the 33.34 resistance. If the bulls uncap this resistance, the move advances towards 36.99. Above this level, 44.60 will be the last standpoint before new all-time highs are seen on the ATOM/USDT pair.
On the flip side, rejection of the advance at 33.34 could allow the bears to initiate a pullback, targeting 25.84 initially. This scenario would signal completion of the wedge’s measured move and initiation of a correction move. A breakdown of the combined support at 25.84, which also features the ascending trendline, brings 20.34 into focus. 16.03 and 9.84 are additional targets that remain out of the picture for now.
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This post was last modified on Mar 03, 2022, 11:13 GMT 11:13