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.
“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.”
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The post This Red-Hot Altcoin Is About To Go Parabolic After Doubling in Just 11 Days, Predicts Crypto Strategist Pentoshi appeared first on The Daily Hodl.