Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Cosmos, Elrond Prepare To Bounce

By Crypto BriefingCryptocurrencyApr 20, 2022 12:58AM ET
Cosmos, Elrond Prepare To Bounce
By Crypto Briefing   |  Apr 20, 2022 12:58AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Cosmos and Elrond appear to have gathered enough liquidity to rebound strongly.

Key Takeaways

  • Cosmos and Elrond have risen by more than 10% over the past two days.
  • A few technical patterns reveal that both tokens have more room to go up.
  • Further buying pressure could push ATOM to $33.5 and EGLD to $204.

Cosmos and Elrond are showing impressive upside potential after both tokens were able to keep vital support.

Cosmos And Elrond Are On The Rise

Cosmos and Elrond appear to be bouncing swiftly from crucial support areas after incurring significant losses over the past three weeks.

ATOM has seen its price drop by nearly 33% since Apr. 3, going from a high of $33.3 to hitting a low of $24.4 recently. Although the Layer 1 token threatened to break through a vital support level, it appears that sidelined investors are getting back into the market.

Over the past two days, a significant spike in demand has pushed prices up by roughly 10%.

Now that Cosmos appears to have gained the strength to rebound, it may have more room to go up. Price history reveals that ATOM has been consolidating within an ascending parallel channel since September 2021.

Each time the token has tested the channel’s lower boundary since then, an upswing to the middle or upper trendline succeeds.

From this point, Cosmos tends to retrace to the pattern’s lower edge, which is consistent with the characteristic of a channel.

Similar price action suggests that ATOM could be on its way to testing the channel’s middle trendline at $33.5, which represents a 36% gain from the current levels.

Still, Cosmos would have to keep $24.4 as support for the optimistic outlook to be validated. Failing to do so could result in a correction to $17.6.


Source: TradingView

Over the past few weeks, Elrond also entered a steep downtrend, losing more than 70 points in market value. The losses appear to have been contained by the ascending triangle’s hypotenuse forming on EGLD’s two-day chart.

If this support level continues to hold, prices could move back to the pattern’s x-axis at $204.

The Tom DeMark (TD) Sequential indicator adds credence to the optimistic outlook. It has presented a buy signal in the form of a red nine candlestick on the two-day chart.

The bullish formation anticipates that a spike in upward pressure could result in a one to four candlesticks upswing or the beginning of a new upward countdown.


Source: TradingView

As long as Elrond continues to trade above the $141.5 support level, it has a good chance of advancing to $204. But if it were to print a two-day candlestick close below the triangle’s hypotenuse, a downswing to $112 is likely.

Original Post

Cosmos, Elrond Prepare To Bounce

Related Articles

Cosmos, Elrond Prepare To Bounce

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email