Will Atom hit a new all-time high in January?

A huge surge in buying volume was seen on Sunday as Cosmos (ATOM/USD) traded over 7% higher. Atom operates an ecosystem of blockchains that are scalable and able to interact with each other. The team's goal is to "create an internet of blockchains, a network of blockchains that can communicate with each other in a decentralized manner." Cosmos is a proof of stake chain. Atom is just 8% off a new all-time high. So, it looks like investors are expecting Atom to make a new high soon, which could be seen in the coming week. Investors are now looking for ways to buy Atom before it hits the new high.

Atom is up more than 30% this month, and this could be just the beginning of a recovery. Atom fell more than 50% in December, but this year has seen a strong rebound that should take Atom to a new all-time high. Atom has been trading sideways for the past few weeks and looks like an accumulation phase before Atom embarks on a rally that will break the all-time high. So it looks like another steep rally is on the way, but investors need to be patient as a fake breakout is also a possibility.

After a sharp rally in December, Atom traded sideways and accumulated, hence a strong rally should be seen after Atom broke the all-time high.
Investors need to be cautious and wait until the $44 resistance is broken as Atom could be rejected by sellers at the resistance.
Investors should place a stop loss at $37 in case this is a false breakout.

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