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Cosmos (ATOM) price refusal at the top of $12.25 on Thursday stretches towards the $10.00 support level amid new intraday profit bookings on Friday.
Down close to 10% at the time of writing and near $10.86, the ATOM/USD pair may continue its decline in the short term as it retests key support levels.
If bearish fatigue materializes, we could see a sudden rally in the coming weeks, with the bulls collecting the prize above the denial point of about $12.00. In particular, this upbeat outlook could lead Cosmos prices to new gains in the coming months.
According to popular cryptocurrency analyst Michael van de Poppe, the above two scenarios are very likely for Cosmos, which is ranked 28th.
ATOMUSDT 1-day chart by Michael van de Poppe Offer a massive level of support herewhich is reasonable for long entries, analysts said. Said, indicating a pullback for ATOM to intraday lows near $10.42. The move sees the bulls see a key support zone based around his $9.60 on the daily timeframe.Van de Poppe said that if the above buffer is “lost,” buyers may have to seek further gains at $8.00. However, if the bulls manage to hold onto the demand zone against bearish pressure, it could act as a potential trigger for another rally.
Cosmos prices in this scenario will rise to $18-$20 over the next month, analysts noted in a tweet shared on Friday.
The main resistance on the weekly chart is at the 20-week MA of $12.53, with strong support near $5.35.
