With a current market price of $9.31, Cosmos (ATOM) has firmly established itself as one of the top 25 digital assets.
Notably, on July 19, 2018, famous crypto trading specialist Ali Martinez elucidated an intriguing finding. Martinez saw a collapsing wedge formation in the recent chart, which might lead to a significant increase in ATOM’s value, perhaps as high as $10.
Despite these revelations, not all followers are in agreement on the current price movement. There is at least one opposing opinion that suggests calling a $10 increase a “pop” may be stretching things a little.
They argue that a true “pop” requires a far larger rise, anywhere between $15 and $18. They see the recent drop in ATOM’s price as a retracement meant to preserve market liquidity.
The analyst provided a nuanced response to the opposing opinion, stressing the need to tailor investing strategies to each client’s comfort level with risk. Martinez recognises that investors may take different approaches depending on their risk tolerance. If the market moves up by 7%, a 100% leveraged investment might result in a 21.7% profit.
Another cryptocurrency investor who wishes to remain anonymous stated he is waiting for ATOM “to flip $10.30 into support for a long entry.”
The price of ATOM has seen a minor higher trend during the previous 24 hours, rising by 0.06%. In addition, it has increased by 0.32% in the last week alone.
The $8.74 support level for ATOM indicates a price at which downward pressure may be restrained, while the $9.78 resistance level indicates a price at which upward movement may meet some barriers.
However, it is important to note that ATOM is presently trading below the 200-day simple moving average and has endured a large loss of -79% from its all-time high, despite the fact that Cosmos has 16 green days over the previous 30 days. Given these circumstances, assessing its present investment potential requires due diligence.
Also Read: A Well-Known Crypto Expert Says Bitcoin Will Be Worth $40,000 to $50,000 Before It Halts
