Cosmos Price Rebounds, Eyes $1.508 Resistance Level

Cosmos' price has been on the rise after experiencing a late July slide. The token is currently trading near $1.42, up about 2.6 percent over the past 24 hours and 3.63 percent over the past week.

The ascending channel formed since early August suggests that buyers are in control, with higher lows replacing selling pressure from prior months.

Derivatives positioning shows a strong leaning towards long positions, with the Binance ATOM/USDT long short ratio sitting at 1.70 and top trader accounts at 1.91.

The next resistance level for Cosmos to clear is $1.508, which would likely lead to further gains if price can absorb selling pressure there.