Traders say ATOM may eventually surge to $100 like AVAX


Universe (atom) It is possible to record significant gains in the next few weeks, mainly because its longer time frame chart shows a bullish continuation pattern.

is called”Bull flag,” This structure appears when the asset trend is going down and it rebounds between two downward sloping trend lines. However, it eventually broke through the interval and moved in the direction of the previous trend. The length of the profit target is equal to the size of the previous upward trend. This is also called a flagpole.

ATOM/USD weekly price chart has a bull flag setting. Source: TradingView

Therefore, in a “perfect” world, if ATOM breaks through the flag’s upper trend line (with increasing trading volume), it may rise to the height of the flag pole of around $35. Starting from the current potential breakthrough point, this sets the target price at around $65.

Nearly 64% of ATOM’s total supply is pledged

ATOM’s bullish setting is shown as The token has risen by more than 330% from its June low This week’s high was $7.82, close to $32.

The scarcity of circulating tokens may play a role in driving buyers into the market.Data obtained Mesari It shows that nearly 64% of ATOM supply is pledged.

ATOM pledge data.Source: Mesari

The data shows that Cosmos investors have Holds more than 180 million ATOM tokens Become a validator of its “Cosmos Hub”, a proof-of-stake blockchain that constitutes one of the many centers on the network. In return, users will receive a portion of network transaction fees and block rewards.

Pentoshi, independent market analyst, famous The increase in the number of ATOM tokens pledged will help push up its price.

The pseudonym Twitterati added that ATOM sellers have been losing momentum, on the grounds that the two corrections in the fourth quarter were stopped midway, because the buying pressure was close to the historical high of the token.

Pentoshi’s ATOM/USD daily price chart. Source: TradingView

According to analysts, ATOM is very clear:

“Signs of Absorption”

related: 12/1 Price analysis: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, SHIB

Avalanche fractals highlight the potential of ATOM

Another analyst with the pseudonym “Brenz”, expected Earlier this year, ATOM will continue to rise based on similar earnings released by one of its largest blockchain competitors, Avalanche (AVAX).

Like Pentoshi, Bluntz believes that ATOM has the opportunity to return to its previous record high as the basis for continuing the bull market. In a similar setting, AVAX rose nearly 250% After finding a firm foothold in the support zone of US$50 to US$60.

Bluntz’s daily price chart of ATOM/USD and AVAX/USD. Source: TradingView

According to Brunz, ATOM can easily reach $100 in the medium term.

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