While the Cosmos (ATOM) price has created a bullish pattern, it has not confirmed it with a decisive bounce.
ATOM is the native token of the Cosmos ecosystem, which aims to become an internet of blockchains. The Cosmos price has traded inside a symmetrical triangle since June 2022. The symmetrical triangle is considered a neutral pattern, meaning that a breakout and a breakdown are both possible.
More recently, the price was rejected by the triangle’s resistance line on Feb. 3 and 8 (red circle).
After the rejection, the ATOM price approached the triangle’s support line but did not reach it. Rather, it created a triple bottom pattern above the $10.50 horizontal support area. Besides being a bullish pattern, the triple bottom was combined with a bullish divergence in the RSI.
As a result, it is likely to initiate an upward movement. If so, the ATOM price can increase toward the triangle’s resistance line at $14.20.
On the other hand, if the ATOM token price closes below the $10.50 area, it could drop to $8.80.
Will Cosmos (ATOM) Confirm Bullish Pattern?
The technical analysis from the short-term six-hour chart supports t
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Author: Valdrin Tahiri
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