- ATOM coin in daily time frame shows a short sideways trend
- The ATOM/BTC pair is trading at 0.0003845 BTC with an intraday loss of 2.46%
- The 24hr trading volume in Coin ATOM is 317.21Mn.
In the daily time frame, the ATOM coin got rejected from the $17.11(Fibonacci level 0.5) on 4th June and was thrown back inside a small range, having the top resistance as $17.11 and the bottom support as $11.67. Presently, the price continues to move inside this range while trading at $13.15, with an intraday gain of 5.76%. From the current price behaviour, the range is providing quite a few opportunities. Thus investors can wait for the price to give a breakout to grab a more confirmed trade.
About the EMA, the ATOM Coin is currently trading below all the vital EMA’s 20, 50, 100, 200, indicating a strong bearish trend in play, as each of these lines will act as a good resistance level, for now, price facing good resistance from both the 20 and 200 EMA. Nonetheless, investors can also see a bearish crossover of 20 and 200 EMA, all adding up to the bearish sentiment of the ATOM Coin.
The RSI( bearish) is currently at 42, indicating a bearish momentum, though the movement of RSI slowly rising provides some hope to the bulls.
ATOM Coin Shows A Valid Support Trendline In 4hr Time Frame
In the 4hr time frame, the ATOM coin is getting some support from a rising trendline moving towards the top resistance of $17.11. Moving with the trendline price shows some future potential to break the resistance level, providing an excellent opportunity for investors to add ATOM to their portfolio.
The MACD indicator( bearish) shows both the signal line and the MACD line is moving below the neutral(0.00) zone, currently indicating a bearish momentum, but as investors can see both the lines are constantly moving around the neutral zone from the past few days states the trend is sideways.
Conclusion: From the technical perspective, ATOM coin is moving in a sideways direction, getting some support the 4hr rising trendline to go higher, safe players can enter the market once it breaks the $17.11 level, and other willing to take some risk can enter as the price bounce from this trendline.
Support- $11.67
Resistance- $17.11