Cosmos (ATOM) has solidified its position among the top 25 digital assets, currently being traded at a value of $9.31.
Notably, renowned crypto trading expert Ali Martinez has shed light on a compelling observation made on July 19. Martinez identified a falling wedge pattern in the latest chart, suggesting the potential for a substantial surge in ATOM’s value, potentially reaching as high as $10.
However, amidst these insights, not all followers share the same sentiment regarding the recent price action. One dissenting voice has expressed their skepticism, arguing that labeling a surge to $10 as a “pop” might be an exaggeration.
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Instead, they suggest that a genuine “pop” should entail a more significant increase, ranging from $15 to $18. From their perspective, the current movement in ATOM’s price appears to be a retracement aimed at ensuring market liquidity.
Responding to the dissenting viewpoint, the analyst offered a nuanced perspective, highlighting the importance of aligning investment decisions with individual risk appetites. Martinez acknowledges that each investor’s approach may differ based on their comfort level with risk. With a 7% upward movement, leveraging three times the initial investment could potentially yield a remarkable 21% gain.
Meanwhile, a pseudonymous cryptocurrency trader said he is looking for ATOM “to flip $10.30 into support for a long entry.”
ATOM price analysis
Recent data shows that ATOM has observed a slight upward trend in the past 24 hours, with a modest increase of 0.06%. Furthermore, over the previous week, it has demonstrated a 0.32% rise.
It is worth noting that ATOM has a support level at $8.74, indicating a price point at which downward pressure may be limited, and a resistance level at $9.78, indicating a level where upward movement may face some obstacles.
Cosmos experienced 16 green days within the last 30 days; however, it is worth noting that ATOM is currently trading below the 200-day simple moving average and has undergone a substantial decline of -79% from its all-time high. These factors indicate the need for careful consideration when evaluating its current investment potential.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
