Cosmos: How ATOM traders can capitalize on this pattern's breakout

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Since attaining its ATH early this year, Cosmos (ATOM) has exhibited a persistent bearish tilt.

Timeline of Cosmos

ATOM fell towards a three-week low on Thursday, as crypto markets were victim to yet another red wave. Overall, markets are down nearly 5% as of writing, with GRT dropping by almost 10% lower on the day. Cosmos (ATOM) ATOM dropped towards a three-week low during Thursday's session, as global crypto markets were nearly 5%

The Cosmos Builders Foundation has reportedly introduced its federation of crypto-native organizations “collaborating toward a more vibrant, egalitarian, and resilient Interchain economy.” In coordination with the Interchain Foundation, the Cosmos Builders Foundation is focused on “supporting the maintenance and development of infrastructural public goods for.

SOL was trading lower to start the weekend, as prices slipped on Saturday. This comes as bears re-entered the market following a week of consolidation. ATOM was one of the biggest movers, falling by 10%. Cosmos (ATOM) After climbing by over 15% on Friday, ATOM was one of the biggest losers on Saturday, as prices

The crypto market is showing signs of recovery, and it seems Cosmos has also been pulled in the same direction with an increase of 12% in the last 24 hours. Cosmos (ATOM), the 27th biggest cryptocurrency, has a total market cap of $3.2 billion.

Bitcoin was indecisive as it traded just above the $29k mark, and the altcoin market has been trading sideways in the past few hours as well. Cosmos rose above the $11.06 support level and held on, while Fantom and Chainlink appeared to trade within a range.

With tokens licking their wounds and healing from the unexpected bloodbath witnessed in May, some tokens haven't exactly followed the “slow and steady” path to recovery. One such token is ATOM, and the token witnessed a huge spike in its price in the past 24 hours.

ATOM had displayed optimistic price action recently after the coin rallied close to 14% a little over 48 hours ago. The coin had managed to undo the loss of 21% that it incurred in the past week with its recent rally.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice After hitting its ATH on 7 January, Cosmos (ATOM) bears have stepped in to exert consistent pressure. The gradual decline below its multi-month long trendline resistance (previous support) gave sellers the well-needed strength for a

Since last week's Terra implosion and the demise of the blockchain project's native token LUNA — and the algorithmic stablecoin terrausd (UST) — crypto tokens based on the Cosmos ecosystem have seen significant losses. Two months ago, the top Cosmos ecosystem coins collectively were worth $61.6 billion and since then, the Cosmos economy has lost

ATOM has so far rallied by more than 30% from its latest local low. The cyptocurrency extended its downside during last week's cryptocurrency market crash, and the healthy recovery might be a sign of things to come.