ATOM Eyes Breakout Above Descending Channel

Cosmos' token, ATOM, has been trading inside a descending channel on its weekly chart since the downtrend began. The current price is $1.53, down 2.7% on the day and 4.31% for the week.

The channel's upper boundary at $3.256 and lower boundary at $0.942 are crucial technical levels that will determine ATOM's trajectory in September.

If the price breaks above the upper boundary with rising volume, it could lead to a move toward $2.715, then $3.256, and eventually $4.131.

On the other hand, if the price gets rejected from the upper boundary, it's likely that ATOM will drift back down toward lower levels inside or below the channel.