Cosmos (ATOM) has bounced from a critical weekly support level of $1.65, signaling a potential trend reversal according to crypto analyst Jonathan Carter. Momentum indicators show renewed bullish sentiment, with key resistance levels ahead at $2.80, $5.50, and up to $14.50 if the rebound holds.
Cosmos (ATOM) rebounded from a key weekly support level at $1.65 on Sunday, February 15, signaling a potential trend reversal, according to crypto analyst Jonathan Carter. The bounce has drawn attention from traders monitoring whether buying pressure can shift the prevailing bearish trend.
Analysts view such support zones as battlegrounds that define market extremes. Holding above $1.65 indicates demand strength, while a breakdown would negate the recovery narrative and invite further selling pressure.
If the rebound persists, Carter indicates multiple upside targets may come into play. The initial resistance point is $2.80, with $5.50 and $8.00 serving as subsequent structural hurdles. Longer-term targets are $10.50 and $14.50.
Technical indicators support the potential shift. The RSI has risen past the neutral 50 level to 51.44, while the MACD shows its signal line crossing positively with a green histogram. This suggests improving short-term momentum.
Caution is still warranted as ATOM remains within a descending channel. The broader trend is bearish until the cryptocurrency breaks out of this pattern. Market participants are watching price action and volume to determine if this is a sustainable recovery.
