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.
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.
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.
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What’s behind the near 10% growth in the protocol? Let us know your thoughts in the comments.
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