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Cosmos, Elrond Prepare to Bounce

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 $333 to hitting a low of $244 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 channels lower boundary since then an upswing to the middle or upper trendline succeeds From this point Cosmos tends to retrace to the patterns 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 channels middle trendline at $335 which represents a 36% gain from the current levels Still Cosmos would have to keep $244 as support for the optimistic outlook to be validated Failing to do so could result in a correction to $176

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 triangles hypotenuse forming on EGLDs twoday chart If this support level continues to hold prices could move back to the patterns xaxis 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 twoday 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.

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