Cosmos Price Starts A Bullish-Short Term Trajectory: Analysis

Cosmos Price starts a bullish short-term and medium-term trading bias and according to the four-hour frame, we can see an inverted head and shoulders pattern forming with a major technical breakout occurring so let’s dig in deeper in the Cosmos news today.

Cosmos continues its recent rise and now the popular cryptocurrency is trading at its highest level since late July this year. The ATOM/USD pair has also been on a multi-day breakout and posted strong gains for the past eight or nine days. The rally this week added another 30 percent to the Cosmos price and the crypto is now trading over 90 percent higher since October 25^th. What is even more impressive is the amount of possible upside left in the price movement as both the short and medium-term technicals for the ATOM/USD pair are showing further double-digit gains ahead.

The four-hour time frame shows that the recent advance has helped to form the inverted head and shoulders pattern which has the potential to boost Cosmos towards the $6.00 level. The A breakout above the $4.22 level is currently desired to ignite the bullish pattern. Given the strong increase in the price, it would not be unusual to see the profit kicking in from around the $4.00 level before the rally continues.

The daily time frame shows there is a possible upside breakout for the ATOM/USD pair in the near term and a bullish falling wedge pattern that will help to predict the run higher as we have already seen over the past few weeks. The falling wedge pattern suggests there is a move towards the $6.00 level that is most certainly possible. The psychological $5.00 level is also a target for the medium-term bulls.

Dip-buying is now preferred and buying the technical pullbacks towards the $3.20 level should be a great option to enter back to the long-run trading if a strong pullback from the $4.00 level occurs. According to the latest sentiment data, the short-term sentiment for Cosmos is quite bullish at 66 percent while the overall long-term sentiment is also bullish at 64 percent. the four-hour time frame shows there is a large inverted head and shoulders pattern forming within the same $4.22 level as the neckline of the bullish pattern.