The Cosmos price has shown impressive growth in recent days, reaching its highest level since March. This dynamic is driven by increased demand and futures open interest.
Cosmos Price Rise
On Saturday, the Cosmos price reached $4.45, its highest since March 4 and 32% above its lowest level this year. This rise occurred as Bitcoin and other altcoins showed gains as well.
Technical Analysis Factors
Technical analysis shows that the ATOM token reached a low of $3.4123, a critical level due to its coincidence with last September's lowest point and the formation of a significant double-bottom pattern.
Future Prospects
The combination of a falling wedge and a double-bottom pattern indicates a potential recovery to the resistance level of $5.8783. However, a drop below this month's low could invalidate the bullish outlook.
The current dynamics of Cosmos showcase strengthening demand and investor interest. Coupled with technical indicators, this creates positive prospects for further ATOM price growth.
