Let's take a look at the daily chart of Cosmos #ATOM 💰 to answer the question.
The situation in the screenshot corresponds to the period from July to November 2024 🗓. As we can see, the price fell below the ~$5.3 zone, which acted as a resistance level. The consolidation below this resistance took place in the format of the well-known "compression" pattern, in the form of an "inverted head and shoulders".
It is important to highlight that, within this formation, the left segment was much smaller than the right one. Before the bullish breakout, within the right segment, the price went through a quite prolonged and exhausting consolidation.
While the price of ATOM was maintaining itself on its "right shoulder" without showing growth, Bitcoin 🪙 had already reached a new high and continued to rise steadily.
This suggests parallels with the current situation of Ripple and other altcoins. I hope the price recovers similarly to how it did in 2024 🔼.
