- ATOM token price has reversed after a sharp sell-off near the resistance trendline.
- The recent death cross in the daily time frame might induce a downfall soon.
- The pair of ATOM/BTC is trading at 0.0003388 BTC with an intraday move of +0.6%
ATOM coin price has been moving in downtrend, continuously making lower highs under the influence of a strong resistance trendline. Every bullish attempt of ATOM coin price to rise above the resistance trendline has faced a sharp supply near the trendline.
The recent rise of more than 40% shared the same fate and failed to rise above the trendline. The coin price hangs close to the level of $10.92 as the bearishness in the chart is on the rise.
The ATOM token price is $11.72, with a fall of +3.74% in the coin’s market cap within the past 24 hours. The intraday trading volume of the token has declined by 7.2% projecting the exit of bulls.
Double Top In Making May Soon Lead The ATOM Coin Price Down
The ATOM coin price has retracted back around 10% after the recent supply dump near the trendline. The increase in underlying bearishness coupled with the steady increase in selling pressure predicts a high chance of downfall.
The coin price may find support near the $8.5 and $6.4 in case of an extreme downfall. However, in the unlikely case of a bullish overturn, the level of $13.8 might act as a strong supply zone.
The Relative strength indicator (bearish) indicates an increase in underlying bearish momentum as the RSI line reverses after reaching the neutral zone and trends back lower to the oversold zone.
The ADX indicates a loss in trend momentum as the slope in ADX is moving on the downside and making lower highs.
Conclusion – ATOM coin price has noticeably failed to rise above the resistance trendline but the support level of $10.92 provides the bulls an extra chance to break and overcome the resistance.
The breakout may provide an excellent entry point for safe traders as it comes with a very low risk of a bearish overturn in comparison to entering in current market conditions.
Support– $8.5 and $6.4