Cosmos (ATOM) is trading at $1.69, showing early signs of a potential trend reversal. Analysts point to a developing double bottom pattern near $1.61-$1.62 support and consolidation at a key technical resistance zone of $1.735. A breakout above this level could confirm a bullish shift, while rejection may lead to another pullback, with strong support near $1.7 remaining critical.
Cosmos (ATOM) is currently trading at $1.69, rising 3.26% in the latest session as price action edges toward a key technical resistance zone. Despite the upward move, 24-hour trading volume has declined 4.91% to $46.52 million.
According to crypto analyst ChiefraT in a recent post on X, the token is forming a potential double bottom pattern near the $1.61–$1.62 support zone. This structure typically emerges when sellers fail to push prices lower on repeated attempts, suggesting weakening bearish momentum.
Earlier price action was defined by consistent lower highs and lower lows, confirming a dominant downtrend. However, the recent stabilization near support indicates that selling pressure is being absorbed by buyers.
A decisive breakout above $1.735 would validate the double bottom pattern and could shift short-term sentiment toward recovery. However, rejection at this level may result in another pullback, although higher lows would still preserve a constructive technical structure.
Another analyst, Profit Demon, notes that ATOM is consolidating near the lower boundary of a long-term descending channel on the weekly chart. The current price region between $1.7 and $2.0 aligns with both horizontal support and the channel’s lower boundary.
Recent candles show reduced volatility and tighter price compression, often associated with seller exhaustion and early accumulation phases. If buyers manage to defend this level, ATOM could stage a recovery toward intermediate resistance levels at $2.60 and $3.60.
