Story Highlights
ATOM price surges 65%, breaking the psychological barrier of $6 and the 38.20% Fibonacci level at $6.124.
The bullish golden candle confirms strong momentum, with a recent target set at $7.19 (50% Fibonacci level).
Wider market support may push ATOM to the psychological barrier of $10, potentially reaching $10.63 by the end of 2024.
As altcoins prepare to soar in this bull market, ATOM price shows a phoenix-like recovery. Overcoming long-term bearish impacts, the breakthrough above $6 aims to change trend characteristics through a 50% Fibonacci breakout.
Will the bullish trend find broader market support, thereby expanding the rally to the psychological level of $10 by 2024? Let's find out in our latest ATOM price prediction.
Cosmos (ATOM) price breaks above $6
On the daily chart, ATOM price trend shows enhanced V-shaped reversal momentum. Starting from the $3.90 level, the bullish recovery overcomes resistance trendline influence through the breakout rebound.
The breakout rebound has now risen 65%, with the current trading price at $6.46. Following a significant rise of 13.98% last night, a bullish golden candle has formed, and ATOM price trend has broken through multiple key resistance levels.
Altcoins have surpassed the 200-day exponential moving average and the 38.20% Fibonacci level, priced at $6.124. With enhanced trend reversal momentum, the Fibonacci level breakout marks increased credibility for the trend reversal rebound.
Technical Indicators:
EMA: Bullish impact on ATOM price trend surges, indicating a positive cross between the 50-day and 100-day EMA lines. Additionally, the 200-day EMA is showing an upward trend.
MACD: Aligned with the average line, MACD and signal line maintain a positive trend.
Will ATOM price exceed $10?
Based on the growing trend momentum and broader market recovery, Fibonacci tools depict bullish price targets for ATOM. Cosmos' immediate resistance is at the 50% Fibonacci level of $7.19.
A bullish breakout at $7.19 will increase the chances of Cosmos price reaching the psychological barrier of $10. Furthermore, by the end of 2024, the 78.60% Fibonacci level of $10.63 is a potential target range.
On the other hand, key support levels are at $6.124 and the psychological barrier of $5. However, dynamic averages at $5.87 and $5.02 may also help absorb any sudden surge in supply.
In the case of a bullish reversal, will Cosmos reach $100? Learn more about Coinpedia's latest ATOM price prediction.
