ATOM price prediction: Altcoin is trading in a bullish pattern!

The price of Cosmos (ATOM) has been trading within a descending parallel channel since September 2022. This is a bullish pattern that leads to a breakout in most cases. This means that the bulls have an advantage when the price is trading within this pattern. Indeed, after being rejected by the channel's resistance in the last week of 2023 (red arrow), the altcoin price bounced off the channel's midline last week (green arrow). This indicates that sentiment has shifted from selling on rallies to buying on dips. It is also a sign that a breakout is about to take place.
Meanwhile, the weekly RSI indicator bounced up from the 50 level at the same time as the price bounced up from the midline of the channel. Thus, it supported the possibility of a breakout for the altcoin. If a breakout occurs, it is possible for ATOM price to rise to the next important resistance level at $17. This target corresponds to an increase of 67.29% from the current price.
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