ATOM Tries to Moon Past $2, But SpaceX IPO Launch Is Photobombing the Party 🚀

Cosmos [ATOM] climbed roughly 15% on Thursday as the broader crypto market rebounded alongside Bitcoin's attempt to push above $64K. The move extended ATOM's June recovery to about 30%.

The token has traded between $1.6 and $2.5 since February, with the $1.66 February low repeatedly serving as a key demand zone. The current June recovery was triggered from that level, reinforcing it as a support area. The $2 price mark has previously acted as both support and resistance.

ATOM's latest rally has now reached the 200-day simple moving average (SMA), which aligns with the $2 level. A decisive reclaim above the 200-day SMA would flip the market structure bullish and open a path toward $2.3 or $2.5. If bulls fail at the 200-day SMA, short sellers could drag ATOM to $1.8 or back to the $1.66 range low.

Additional upside depends on ATOM holding above $2 and the 200-day SMA, accompanied by strong buying pressure and an RSI above the neutral level. SpaceX's IPO debut on Thursday could draw capital away from crypto in the short term, and any further losses in Bitcoin could compound ATOM's weakness, potentially pushing the token below $2.

Liquidation heatmap data points to a volatility-driven move that could lift ATOM slightly to $2.1 before a possible drop to $1.9 or $1.7, based on leveraged short liquidity stacked above $2. Beyond that zone, meaningful liquidity thins out, leaving the lower pools at $1.9 and $1.7 as the next likely targets if selling pressure intensifies.

The bearish setup would be invalidated if $2 and the 200-day SMA are decisively defended as support, in which case ATOM bulls could see another 25% potential.