The cryptocurrency market is showing signs of recovery today, with major altcoins turning green after weeks of correction.
Current State of the Crypto Market
The recent downturn was largely influenced by Bitcoin’s rising dominance, which has led to a decline in other cryptocurrencies. Macroeconomic factors have also injected volatility into the market. However, a shift towards growth is being observed, with Bittensor (TAO) and Cosmos (ATOM) showing notable comebacks.
Bittensor (TAO) Analysis
TAO has surged by 8% and is approaching its resistance level. The daily chart highlights a falling wedge pattern. The recovery has brought TAO to an important support at $390. A breakout above the 25-day moving average could lead to further upward movement.
Cosmos (ATOM) Analysis
Cosmos is currently trading at around $4.77, nearing its wedge resistance. The token has established strong support around $4.99. If a breakout occurs at the upper boundary, it could significantly increase the likelihood of further growth.
Both TAO and ATOM are showing resilience at their support levels, but their future movement will depend on the overall market conditions, particularly the influence of Bitcoin and Ethereum dominance.
