Cosmos (ATOMUSD): To the moon!

27 feb

Cosmos (ATOMUSD): ATOMUSD

For Cosmos (ATOM), the analysis begins with the correction phase that concluded around $5.65, following the first bull market. Since this point, Waves (1) and (2) in blue have been formed and completed, with the local high of Wave (1) at $17.16. This correction was a three-part downward move ABC. Upon closer examination, it's evident that since the end of Wave (2), a subordinate 5-wave cycle has concluded, that we expect to be the Wave (i) followed by a more complex Wave (ii) correction in black. Now, it appears that Wave (i) in blue of the second smallest wave structure has potentially finished.



Our expectation now is a significant pullback to the 50-78.6% retracement levels, which are between $10.12 and $9.33. This zone is where the market should find support, particularly around the 61.8% level, where significant buying volume is anticipated. The strategy for ATOM is to aim for a longer-term hold, especially with this being part of a smaller wave, suggesting a relatively advantageous entry point could be identified with this Wave (ii) correction.

The analysis strongly indicates that ATOM should reach or surpass the $17.16 mark relatively quickly, suggesting confidence in the asset's potential for appreciable growth from its current phase. This perspective underscores the analyst's interest in frequently and thoroughly analyzing Cosmos due to its perceived potential and interesting dynamics within the cryptocurrency market.