The cryptocurrency market is showing mixed results, with some altcoins like Cosmos (ATOM) demonstrating signs of strength amidst overall instability.
State of the Cryptocurrency Market
The cryptocurrency market remains mixed as Bitcoin (BTC) consolidates near $111,000, while Ethereum (ETH) hovers around $4,350 after retreating from its recent high of $4,953 with a 5% weekly drop.
ATOM's Symmetrical Triangle Formation
ATOM is forming a **Symmetrical Triangle** on the daily chart, often viewed as a continuation setup, although it can break in either direction depending on momentum. The recent rejection from the resistance trendline near $4.97 pulled the price back toward its support base around $4.32, where strong buying entered. This helped ATOM reclaim its 100-day moving average ($4.41), and the token is currently trading near $4.45, signaling early resilience.
Prospects for ATOM
If ATOM manages to reclaim the 50-day moving average ($4.59) and sustain momentum, the next test will be the resistance trendline near $4.80. A clean breakout above this level, ideally backed by strong trading volume, could confirm bullish continuation and trigger a rally toward the technical target of $6.09. Conversely, if ATOM fails to sustain momentum and slips back to below $4.32, it could expose the token to a deeper retracement before another attempt at recovery.
The crypto landscape remains unstable, but ATOM shows potential for growth. Upcoming key levels will determine the token's direction in the near term.
