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Cosmos (ATOM) Daily Parallel Channel Still Favoring the Bulls

By Lorenzo - 2019-12-06

Cosmos has just recently confirmed an ascending daily parallel channel. ATOM has been trading in between this pattern for almost 3 months now and it’s currently right in the middle of it. The bulls have enjoyed an overall daily uptrend with a significant increase in trading volume compared to the previous months.
Currently, the bulls are trying to set a higher low at $3.414 as they are still trading above both EMAs which are in bullish territory right now. The RSI is not overextended and the bulls have a lot of momentum.
ATOM chart
The parallel channel is remarkably wide at around $2 from side to side which means there can still be a lot of volatility in between even though it’s an ascending pattern. The 4-hour chart is currently in a downtrend and the bulls are struggling to break above the last high of $3.821, however, they are seeing a good amount of trading volume.
The parallel ascending channel is present in the weekly chart too, here the bulls are also in an uptrend and they are currently trying to break above the 26-period EMA at $3.874. The volume is also in their favor and the RSI is not overextended.
Cosmos is one of the few cryptocurrencies that have succeeded after its ICO back in April 2017. The team raised around $17 million and has turned it into more than $100 million currently. Additionally, Binance has recently announced the launch of Cosmos staking, a service that will certainly help the price of Cosmos in the near future.