- Cosmos renews bullish momentum, building on the support at $5.50 to hit levels above $6.00.
- ATOM/USD bulls must work to establish support above $6.00 for gains eyeing $7.00 to materialize.
Cosmos price hitting $5.50 seems to have been a threshold limit for takeoff to highs above $6.00. The delay at $5.50 saw the crypto go back to the drawing board, where it found balance at $4.69 and aided by an ascending trendline. The re-launched upward momentum hit levels above $5.50. A consistent trend has been sustained with the price brushing spiking past $6.00.
At the time of writing, ATOM/USD is trading at $6.05 amid a bullish momentum that continues to gain traction. Since the hurdle at $6.00 is behind us, Cosmos bulls are likely to shift the focus to $7.00.
The momentum is supported by the RSI entering the overbought region. There has been an impressive recovery from 50 (average). Further upward action would call for more buying entries as the price starts the journey to $7.00.
Another indicator highlighting the bullish grip is the Elliot Wave Oscillator. The indicator is printing another bullish session. In addition, the gap made by the 50 SMA above the 200 SMA keeps widening as a signal for continued bullish action in the near term. For now, establishing support above $6.00 should be the buyers’ priority. Only with this support that they can confidently work on trading closer to $7.00.