Cosmos (ATOM) could skyrocket to $100, according to traders

 is now a good time to buy ATOM?

Cosmos (ATOM/USD) has had a very successful 2021, finally breaching the resistance at $7.5 in the early days of the year, and skyrocketing all the way up to $45 by late September. However, while this is still its all-time high at the time of writing — not to mention the fact that the coin was also caught up in the current bearish wave that caused its price to go down by 17% — many still believe that ATOM could go higher than ever in the near future.

According to traders, ATOM seems to have great potential to record major gains in weeks to come. Despite what is currently going on, its longer-timeframe chart is showing a bullish continuation pattern, popularly called the Bull Flag.

This structure appears when the asset in question is trending lower while bouncing between two downward sloping trendlines, which is exactly what is happening with Cosmos’ coin right now. Eventually, it is expected to break out of the range in the direction of its previous trend. Not only that, but its profit target should be equal at length to the size of the previous uptrend, which is popularly called the flagpole.

In other words, if ATOM does get to complete the pattern, it should break above the flag’s upper trendline, which means that its price could hit $65.

With that said, an analyst known as Bluntz anticipated that ATOM’s rally will continue past that, similar to what Avalanche (AVAX/USD) has seen, which would allow it to easily hit $100 in the medium-term.

While quite an optimistic prediction compared to the first one, it is not impossible. In this situation, ATOM would simply revisit its previous all-time high, and use it as a base from which its bull run could continue. Earlier this year, AVAX was in a similar situation, and it ended up seeing nearly a 250% surge after finding a footing in a $50 to $60 support belt.

The post Cosmos (ATOM) could skyrocket to $100, according to traders appeared first on Invezz.

Publication date: 
12/04/2021 - 14:01

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.