Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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Cosmos moved to a four-month high in today’s session, as crypto markets rebounded following Wednesday’s sell-off. Prices of the token broke out of a key resistance point this afternoon, reaching the milestone. Near protocol was another notable mover, as it hit a three-week high.
Cosmos (ATOM) raced to a four-month high this afternoon, as prices of the token broke out of a key price point.
Following a low of $11.98 on Wednesday, ATOM/USD rose by nearly $2.00 in today’s session, hitting a high of $13.92 in the process.
Thursday’s rally comes as the token raced past its ceiling of $13.35, en route to its highest level since May 11.
Looking at the chart, ATOM has been in an ascending triangle since hitting a low of $5.62 in mid-June.
Bulls of the token now look as if they could be targeting the $15.00 mark, which would see the token rise by almost $10.00 in just under two months.
In order to achieve this milestone, the token will need to overcome a hurdle on its relative strength index (RSI), which will come in the form of a ceiling at 63.30.
Another notable gainer on Thursday was near protocol (NEAR), which rallied to a multi-week high earlier in the day.
NEAR/USD was able to reach a peak of $4.63 today, as prices rose for a second consecutive session.
Unlike cosmos, which moved past its own price ceiling, near protocol was unable to break out of its resistance, after almost colliding with the $4.65 level.
As of writing, prices are at $4.60, as bulls still attempt to fully break out of this aforementioned hurdle.
For this to occur, we may need to see the 10-day (red) and 25-day (blue) moving averages cross, which could come soon, as they increase in proximity.
Should this occur, there will be a strong chance of near protocol moving closer to $5.00.
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What is behind today’s 10% surge in near protocol? Let us know your thoughts in the comments.
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