Cosmos (ATOM) has performed magnificently since our last forecast. We broke out of our long consolidation phase to the upside using the Inverse-Head&Shoulders pattern and hit the technical price target right at around $24.70.
Here we were rejected right at the resistance zone. After a small sell-off towards our support at around USD 17.50, we are now back above the USD 20.00 level.
Now it is up to ATOM to sustainably break through the resistance zone at approx. 26.00 USD in order to then tackle the ATH. After a rise of over 250%, a consolidation between our support and resistance is very likely.
SushiSwap (SUSHI) has also had a strong run up since our last forecast, rising from around $6.00 to around $14.91. Again, we were rejected at resistance and were sold off a bit. Currently, we are at around USD 12.04.
On the 4H chart, we can clearly see that the uptrend has been broken. The trading volume has also decreased significantly. At the moment, there are two possibilities. SUSHI could test the uptrend again and possibly consolidate in our resistance zone and dare to break above it.
The second possibility would be that we get rejected at the uptrend and form a double top pattern and then face another sell off. For now, the 4H-200MA is serving as our support. If this is confirmed to be broken, we could once again fall into the $8.00 area.