Cosmos hit a four-month high in today’s session as crypto markets recovered following Wednesday’s selloff. Token prices have bounced back from key resistance points this afternoon. It was another notable mover near the protocol as it hit a three-week high.
Cosmos (ATOM)
This afternoon, Cosmos (ATOM) entered a four-month high run as the token’s price broke above its key price point.
Following Wednesday’s low of $11.98, ATOM/USD rallied nearly $2.00 in today’s session, hitting a high of $13.92 in the process.
Thursday’s rally comes as the token runs above the $13.35 ceiling, moving to its highest level since May 11.
Looking at the chart, ATOM is in an ascending triangle after hitting a low of $5.62 in mid-June.
The bulls of the token now seem to be targeting the $15.00 mark, which the token could rise by $10.00 in less than two months.
To achieve this milestone, the token will have to overcome the barrier on the Relative Strength Index (RSI), which comes in the form of a ceiling at 63.30.
NEAR protocol
Another notable gainer on Thursday was near protocol (NEAR), which had hit multi-week highs earlier in the day.
NEAR/USD managed to reach a high of $4.63 today, as prices rose for a second straight session.
After crossing its own price ceiling, Cosmos was unable to break out of the resistance as it collided with the $4.65 level near the opposite protocol.
As of writing, prices are at $4.60 as bulls are still trying to fully break out of the aforementioned barrier.
For this to happen, we may need to see the 10-day (red) and 25-day (blue) moving averages cross, which is likely to come soon, as they close in.
If this happens, there is a high probability that the protocol will move closer to $5.00.
Register your email here to have weekly price analysis delivered to your inbox:
What’s behind the near 10% growth in the protocol? Let us know your thoughts in the comments.
Image credits: Shutterstock, Pixabay, Wiki Commons, Product of Vladimirka / Shutterstock.com
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.