Cosmos (ATOM) has surged 65%, breaking key resistance levels. Can it continue the rally to $10? Read our 2024 price prediction for ATOM - IcoHolder.

The Cosmos (ATOM) price is showing impressive recovery as the altcoin breaks through key resistance levels and moves forward in a potential bullish rally. After a steady rise from the $3.90 mark, the ATOM price has surged by 65%, reaching $6.46. This climb follows a V-shaped reversal, signaling a shift in the market sentiment as the coin overcomes previous bearish pressures.

ATOM's Bullish Momentum: Will It Continue?

ATOM’s recent breakout is fueled by a combination of factors, including crossing the 200-day exponential moving average (EMA) and surpassing the 38.20% Fibonacci retracement level at $6.12. The positive momentum continues with the creation of a golden candle after a massive 13.98% increase. These technical indicators suggest that ATOM's price trend is reversing, setting the stage for further growth.

The Fibonacci retracement tool highlights an immediate resistance target at $7.19 (50% Fibonacci level). If ATOM can break through this, it may pave the way for a run toward the $10 psychological barrier by the end of 2024. Beyond that, the next target lies at $10.63, aligning with the 78.60% Fibonacci level.

Technical Indicators: A Positive Outlook

Key technical indicators are confirming the bullish outlook for ATOM. The 50-day and 100-day EMAs are showing signs of a positive crossover, while the 200-day EMA also sees an uptick, supporting the upward momentum. Additionally, the MACD indicator and its signal line both maintain a positive trend, further affirming the strength of the rally.

Support Levels and Potential Risks

While the bullish trend appears strong, there are key support levels to watch in case of any pullbacks. The $6.12 and $5 psychological levels are significant supports, with dynamic moving averages around $5.87 and $5.02 potentially offering further support if ATOM encounters selling pressure.

Will ATOM Reach $100?

As the broader market rallies and technical indicators point toward continued strength, the prospect of ATOM reaching the $10 mark is increasingly likely in 2024. However, investors should keep a close eye on key resistance levels, as a break through $7.19 could see ATOM pushing towards even higher targets in the near future.

Stay tuned for Coinpedia’s upcoming ATOM price prediction and analysis on whether Cosmos will continue its rise in the coming months.