![Cosmos [ATOM] is gathering steam, but what are the chances of a breakout](https://i.headtopics.com/images/2022/10/10/cryptoamb/cosmos-atom-is-gathering-steam-but-what-are-the-ch-cosmos-atom-is-gathering-steam-but-what-are-the-ch-1579480373020725248.webp)
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. ATOM consolidates beneath resistance, OI down slightly A bullish breakout could depend largely on a move above $19.6k for Bitcoin The release of the Cosmos Hub Roadmap 2.0 gave a one-year guideline in which stakeholders […]
highlighted how ATOM also noted a slight positive change in terms of developer activity and TVL in Q3.The price charts were not as rosy, especially on the lower timeframes. Bitcoin stuttered around the $19.4k-mark at press time. Even though it sat atop support, the rejection at $20.4k a few days ago meant the momentum favoured the bears. Can ATOM see a bullish breakout in these conditions?Over the past week, the price has formed a series of higher lows.
The ascending trendline could offer some support to the price. A session close below $13 would flip the lower timeframe structure to bearish yet again. This could see the price drop back to the $12.35-$12.4 support zone. On the other hand, a move above $13.4 would likely presage a strong move north for ATOM. Such a move could push the alt to $14 and possibly, as high as $14.8, which represented a region of resistance from late September.
The RSI stood at 46. Even though it fell below neutral 50, it did not show bearish momentum yet at the time of writing. The OBV was also flat. This suggested that neither the buyers nor the sellers were particularly strong. It also meant that a bullish breakout could be more unlikely.
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