Cosmos (ATOM) will die or reach the sun? Ultimate overview
Updated
Hello, Skyrexians!
While Bitcoin is staying inside the price range, altcoins are collapsing every day.
ATOMUSDT is not an exception. It has tested the bottom at $6 once more. For sure, it's not pumping because top crypto traders continue talking about altseason. Most of people simply copy trade and therefore, the crowd is sitting is assets and waiting for the growth. Most of investing and crypto trading strategies and trading bot strategies giving the strong long signals, but even if you use the great cryptocurrency trading strategy, it's necessary to take into account the sentiment. It's very difficult to pump assets if everybody bought it and wait for the fortune.
In today's article we will try to make it clear if ATOM found it's bottom, what is the current market phase and which possible scenarios can take place in the future. We will define the critical points when it's vital to make a decision. This overview will be useful for investors, traders and for who uses automated trading bots, automated trading software for cryptocurrency or grid trading bot. The potential scenarios can help you to make a decision how to set up your strategy to reduce risk and increase potential profit. Let's get started!
Cosmos global overview
ATOM is pretty old cryptocurrency which has been listed on the major exchanges in 2019. Therefore it has already showed us it's behavior is the bull run 2020-2021 and during the following bear market in 2022-2023. The key feature which we have to define for every crypto asset if it's up trending or so-called "scam" coin. ATOM set the higher low for the current bear market in comparison to previous one. It means the we can expect new ATH in the next bull cycle. Critical point which invalidate this statement located below $2.
Until price is above we will consider previous bull run as wave 1, current bear market as wave 2. It means that next bull run can reach the very high prices in wave 3. The minimal target is $49 which is 1 Fibonacci extension level. The most likely target is 1.61 Fibonacci at $77, and the positive one is above $120, but I personally don't believe in this.
Is bear market finished for ATOM?
Now it's time to look inside the wave 2, is it finished or not. For this purpose we will use the 1W chart and combination of indicators: Alligator and Awesome oscillator.
While Bitcoin is staying inside the price range, altcoins are collapsing every day.
ATOMUSDT is not an exception. It has tested the bottom at $6 once more. For sure, it's not pumping because top crypto traders continue talking about altseason. Most of people simply copy trade and therefore, the crowd is sitting is assets and waiting for the growth. Most of investing and crypto trading strategies and trading bot strategies giving the strong long signals, but even if you use the great cryptocurrency trading strategy, it's necessary to take into account the sentiment. It's very difficult to pump assets if everybody bought it and wait for the fortune. In today's article we will try to make it clear if ATOM found it's bottom, what is the current market phase and which possible scenarios can take place in the future. We will define the critical points when it's vital to make a decision. This overview will be useful for investors, traders and for who uses automated trading bots, automated trading software for cryptocurrency or grid trading bot. The potential scenarios can help you to make a decision how to set up your strategy to reduce risk and increase potential profit. Let's get started!
Cosmos global overview
ATOM is pretty old cryptocurrency which has been listed on the major exchanges in 2019. Therefore it has already showed us it's behavior is the bull run 2020-2021 and during the following bear market in 2022-2023. The key feature which we have to define for every crypto asset if it's up trending or so-called "scam" coin. ATOM set the higher low for the current bear market in comparison to previous one. It means the we can expect new ATH in the next bull cycle. Critical point which invalidate this statement located below $2.
Until price is above we will consider previous bull run as wave 1, current bear market as wave 2. It means that next bull run can reach the very high prices in wave 3. The minimal target is $49 which is 1 Fibonacci extension level. The most likely target is 1.61 Fibonacci at $77, and the positive one is above $120, but I personally don't believe in this.
Is bear market finished for ATOM?
Now it's time to look inside the wave 2, is it finished or not. For this purpose we will use the 1W chart and combination of indicators: Alligator and Awesome oscillator.
Note
Previously we thought that dump from March to June 2024 is just the wave 2 of the new bull run, but price has retested the low and very unlikely to see the huge pump in the upcoming 2-3 months. Now we can recalculate the Elliott Waves. Global bear market (wave 2) consists of waves ABC. Wave C always has 5 waves inside and now it looks like the end in wave 5 in C. Awesome Oscillator is showing huge bullish divergence, moreover Alligator created angulation with the price. If current weekly candle will be closed as bullish hammer, it's gonna be huge reversal sign.Note
ATOM will pump, but is it going to be bull run beginning?If we take a look at the anticipated wave 5 inside we can clearly see the 5 waves. Awesome oscillator has bullish divergence which in conjunction with bullish reversal bar and two squat bars at the bottom give us the clear sign of reversal, at least, local. Even it's not the end of the bear market, 0.5 Fibonacci retracement is reachable target.
Note
If it's not gonna be bull run start, the wave 5 will continue to the new lows. Pump to $10.4 is gonna be just wave 2. The upcoming waves 3 and 5 can easily reach 3-4$. It's still gonna be not a scam token making higher lows.Note
ConclusionDespite that ATOM is fundamentally strong asset in the crypto world, it has not showed us any significant gains in this bull run. Moreover, there is a huge probability that bear market is not over for this coin. Anyway, current dump wave has been finished or almost finished and bounce is anticipated next. When price will reach $10 it's gonna be the decisive moment where we can understand, will it continue goes up or $4 target will be reached.
Best regards,
Skyrex Team
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