As we understand it, Cosmos (ATOM) is one of the altcoins with the best long term value proposition. As the crypto market as a whole becomes more healthy, we see good basing price action in ATOM.

Right now, ATOM Is hovering on top of the 23% retracement of its last leg lower. That level is 3382. If Bitcoin ( BTC ) moves in a sideways range for the rest of the year, it is possible that ATOMBTC could rise to or above 4138. This level is the location of the start of the last leg of the down move. Elliot Wave practitioners call this a "previous 4th."

Bottom Line: We are warming up the idea that Cosmos (ATOM) has long term upside potential. ATOM may be a good long play on days when crypto is green.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.