A closely followed crypto trader and strategist predicts that one explosive altcoin is poised to go parabolic even after doubling its value in just 11 days.
The pseudonymous trader known as Pentoshi tells his 277,000 followers that he’s expecting Cosmos (ATOM) to go on a steep ascent after taking out its previous all-time high at around $32.
[adinserter block="1"]“Probably going to do a pretty wild run in the weeks ahead and bears are going to have a tough time on this one. Going to go parabolic by the looks of it.”
CoinGecko shows that the project, which is touted as the “internet of blockchains,” has meteorically risen from $20.44 on September 9th to over $44 on September 20th, marking a 115% move in less than two weeks.
Looking at Cosmos against Bitcoin (ATOM/BTC), Pentoshi says the pair is primed to ignite a 48% surge from its current value of 0.00087, worth about $40 at time of writing.
“Breaking out of a multi-year range on the BTC pair and price discovery starting on the USD pair.”
As for Bitcoin, the crypto trader predicts that the leading cryptocurrency is gearing up for a move to $56,000 as it prints a bullish higher low setup near $46,000.
“Thoughts BTC.
Price likely has made a higher low and put in a higher high at $53,000 on the 1-day trend. If you actually pay attention, institutional interest is accelerating… Markets structure reset and started a new trend.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
[adinserter block="1"]
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Space creator/Dario Lo Presti
