- Cosmos faces a rejection of just under $ 8.0 but removes major resistance levels.
- ATOM / USD bulls create a symmetrical triangle breakout on a 1H chart.
- RSI suggests there is more room on the upside amid a wave of buying.
As altcoins fuel a buying wave in the crypto realm this Sunday, Cosmos (ATOM / USD) once again picked up bullish momentum after Saturday’s decline.
The digital asset is looking to regain the $ 8.0 level after the breakout of the symmetrical triangle seen on the hourly chart earlier today.
The hourly Relative Strength Index (RSI) remains bullish and probes overbought territory, currently at 69.0. This suggests that there is room for further improvement.
Acceptance above the $ 8.0 mark, buyers could aim for the model target at $ 8.26.
On the downside, the immediate cushion is seen at $ 7.53, where the bearish 100 hour simple moving average (HMA) meets the rising 200-HMA.
Bulls could also meet new demand at $ 7.48, the horizontal 50-HMA. Lower, the 21-HMA at $ 7.43 will be probed. Bearish momentum could accelerate below the lower opening floors for a test of the daily low of $ 7.23.