- Cosmos resumes the uptrend above $5.00 after holding firmly to the support at $4.80.
- ATOM /USD has the potential to push gains further based on the improving technical picture.
Cosmos recently suffered a breakdown after hitting a barrier at $5.80. The hurdle cut short the mission of overcoming the resistance at $6.00 and launching the next phase of the journey to $10.00. The declines occurred within a falling wedge pattern but Cosmos held firmly to the support established at $4.80.
A reversal from the support has seen the price breakout impressively during the Asian session on Wednesday. In addition to rising above the 50 SMA resistance in the 2-hour range, the price has climbed above $5.00.
At the moment, ATOM/USD is trading at $5.17 as bulls focus their energy and attention on attacking the resistance at $5.40, $5.60 and $6.00 respectively. The bullish grip is brought to light by the RSI as it moves higher above the average in the wake of the recovery from the dip to 38.29 in the same 2-hour range.
The Elliot Wave Oscillator has started to print another bullish session following an extended bearish session from Sunday. Cosmos indeed has the potential to rise above the next hurdles at $5.40 and $5.60 if not $6.00. Support will continue to emanate from $5.00, the 50 SMA ($4.90) and $4.80.