Crypto Contest May 12: Cosmos

Cosmos (Kraken: ATOMUSD) has broken out of the triangle pattern in the four-hour chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, ATOM began a wave one advance on April 24. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on May 5, and the red wave two (blue sub-waves a-b-c) correction ended on May 9. If this wave count is correct, ATOM should be heading next towards the May 5 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

The Cosmos network is a decentralized network of independent, scalable, and interoperable blockchains. You can watch the launch event

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.