- Cosmos (ATOM) price surged over the summer, pushing it to a new all-time high at $8.60.
- The coin faced a strong correction that cut its price in half immediately after.
- However, a strong support at $4 allowed ATOM to bounce back up and even reach $5 while doing it.
Cryptocurrency project Cosmos (ATOM) saw quite a journey in 2020 so far. However, after rising and falling several times, the coin finds itself relatively close to the price it had in January. Even so, the behavior of its price has been strong enough to allow traders to make an excellent profit over the past nine months.
Cosmos in 2020
Cosmos started the year with a price of $4.34, although it quickly started moving up towards $5. It reached this level in about two and a half weeks, although its price was rejected down to the starting lows.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
After that, ATOM surged again as part of a greater rally, which once again allowed it to hit $5, and even exceed it a bit. Unfortunately, the price got rejected again, although ATOM seemingly still had enough strength to try hitting this resistance one last time.
It succeeded, although not for long, as that was when the mid-March crash pushed it down to a new bottom at $1.65.
ATOM price reaches a new ATH
Cosmos started seeing recovery almost immediately, similarly to the rest of the crypto industry. However, it was slow, and the coin ran into a powerful resistance around $3 — one that kept it down for months, before this level finally fell on July 7th.
However, this was a part of a larger surge, and ATOM barely sensed the resistance that kept it down for months, while it passed through it. The one at $4, however, proved to be more challenging, and Cosmos fought it until another massive rally in early August.
In fact, this surge kept pushing it further and further up, until it reached a new high at $8.60. Following that, the coin saw another correction that cut its price in half, forcing it down to a support at $4, which managed to hold it, and allowed it to bounce back up. This happened only four days ago, and since then, ATOM once again found its way to $5 — a level that it hit earlier today.
Conclusion
Cosmos (ATOM) price saw a massive surge over the late summer, although it was hit with just as strong a correction. Even so, its performance shows that the coin is an excellent opportunity for everyone who decided to buy ATOM while its price was low.
