While the crypto market has displayed a constant bearish price action since the month started, the Cosmos price has defied the trend and has displayed an impressive price action overnight. With a trading volume of $276.21 million, this altcoin has successfully reclaimed the $5 mark, indicating a strong bullish inflow.
As per analysis, the prime reason for the recent price surge is assumed to be the sharp rise in the technical sentiment of the Cosmos coin. This has resulted in trust-building among investors for Atom price short-term outlook further pushing the price toward a higher price target.
Are you one of many who are closely monitoring the market sentiment and price prospects of this bullish altcoin? In this write-up, we will understand the short-term Cosmos price prediction.
Atom Price Recalims The $5 Mark!
The Cosmos crypto token has formed an inverted head and shoulder pattern in the daily time frame, indicating a high chance of a bullish rally. Moreover, the altcoin is currently hovering around its neckline, suggesting a sustained positive influence. With a market cap of $1.96 billion, this altcoin currently holds the 41st position.
The Moving Average Convergence Divergence (MACD) successfully displays a rising green histogram in the daily time frame. On the other hand, the average trendline records a positive crossover in the ATOM price chart, suggesting an increase in the buying pressure for the altcoin in the cryptocurrency space.
Moreover, the Simple Moving Average (SMA) witnesses a similar price trend by achieving a bullish crossover. This indicates that the Cosmos price may continue gaining momentum during the upcoming weekend.
Is Cosmos Crypto Worth Buying?
Suppose the bulls continue the positive momentum, in that case, the price of Cosmos token could head to its immediate resistance level of $5.675. Maintaining the value above that level could push the altcoin toward its higher price target of $7 this month.
Conversely, if the bearish trend reversal occurs, the ATOM crypto price may plunge toward its low of $4.575. If the bulls fail to regain momentum at that point, this could result in it dropping toward its lower price target of $4 during the days ahead.
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