Cosmos (ATOMUSD): To the moon!

Cosmos (ATOMUSD): ATOMUSD ATOMUSD


For Cosmos (ATOM), the analysis begins with the correction phase that concluded around $5.65, following the first bull market. Since this point, Waves (1) and (2) in blue have been formed and completed, with the local high of Wave (1) at $17.16. This correction was a three-part downward move ABC. Upon closer examination, it's evident that since the end of Wave (2), a subordinate 5-wave cycle has concluded, that we expect to be the Wave (i) followed by a more complex Wave (ii) correction in black. Now, it appears that Wave (i) in blue of the second smallest wave structure has potentially finished.

Our expectation now is a significant pullback to the 50-78.6% retracement levels, which are between $10.12 and $9.33. This zone is where the market should find support, particularly around the 61.8% level, where significant buying volume is anticipated. The strategy for ATOM is to aim for a longer-term hold, especially with this being part of a smaller wave, suggesting a relatively advantageous entry point could be identified with this Wave (ii) correction.

The analysis strongly indicates that ATOM should reach or surpass the $17.16 mark relatively quickly, suggesting confidence in the asset's potential for appreciable growth from its current phase. This perspective underscores the analyst's interest in frequently and thoroughly analyzing Cosmos due to its perceived potential and interesting dynamics within the cryptocurrency market.

Comment:

Cosmos #ATOMUSD

We continue to believe that we are dealing with a Wave (ii) in the case of Atom. The uptrend that began after surpassing Wave ((ii)), which started at $8.70, requires a pullback before it can continue to rise. Currently, there's a possibility that we're seeing an Expanded Flat, as the price turned around approximately at the 138% retracement level, $12.72, and is now experiencing a slight decline. If we surpass this 138% level, we will need to reassess our scenario. As long as this level holds, we anticipate seeing this pullback.

We believe that, as in our last analysis, the short accumulation phase at the subordinate Wave 4, close to our 61.8% level, will be very interesting. However, we plan to enter slightly above this level. We will, of course, keep you updated on how Atom develops. For now, everything will remain as it is.

Comment:

We have just published an update for our ATOM analysis and found an entry opportunity. Follow the chart for more details: