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That's why you should buy the dip in Cosmos

 


Cosmos (ATOM/USD) gained 3% in value on a surge in purchase volume. Atom was previously down more than 40% in the past two weeks and according to the charts, it could be time for a bullish reversal. Cosmos 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. With the strong fundamentals and the promising team behind the project, it could be a good decision to buy the dip in Atom for the long term.


Atom was one of the strongest coins in the overall market during the sell-off. Earlier this month, Atom hit a new all-time high despite bitcoin falling to the $33,000 mark. Therefore, this correction could end soon and Atom could make a new high. Atom is trading at a key trendline from which a recovery is expected soon. However, it is important that investors be patient and wait for the right time to enter as Atom could yet break the supportive trendline. So when should you buy Atom?



Atom has been trading in a rising triangle and is now at trendline support, which was the zone from which the previous rally started.


Atom looks like consolidating here before bouncing back, allowing investors to buy above the $30 level.


The correction may also be over soon, allowing Cosmos to set a new all-time high on its next rally as well.


Investors can set a target of $33 followed by $37 and a stop loss can be kept at $27.

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