- The ATOM coin chart shows a bullish crossover of the 50 and 100-day EMA
- The ATOM/BTC pair traded at 0.0004134 BTC with a gain of 2.47%
- The 24 hr trading volume in ATOM coin is $479.7 Million
The ATOM bulls rally entered a minor pullback phase after being rejected at the $20 resistance level. This pullback is a good practice for the coin to maintain a long rally. Furthermore, the price found good support from the 0.5 FIB level with a long bullish engulfing candle. Thus, suggesting a continuation of the bull rally, the price is yet to provide a proper follow-up candle.
The ATOM coin is trading higher than the crucial EMA’s 20, 50, 100, and 200, indicating a bullish trend. Moreover, the chart also shows a bullish crossover between the 50 and 100 EMA, which lures even more buyers to the coin market.
The RSI (BULLISH) value is 62, indicating a bullish momentum in the ATOM coin. However, the RSI shows a substantial drop in its value concerning the price action, demonstrates the increasing strength of the market bears.
The ATOM Coin Forming An Inverted Head And Shoulder Pattern
The ATOM displays the formation of an inverted head and shoulder pattern in the 4hr time frame. This pattern could be a great long opportunity for ATOM traders if the price breaks the $20 resistance level with a strong green candle and substantial volume supporting it.
The moving average convergence/divergence(MACD) shows both the MACD and signal line are moving below the neutral zone(0.00), indicating bearish momentum. However, the indicator has provided a bullish crossover of these lines, which will give an excellent confirmation for ATOM traders if they jump above the middle zone.
Conclusion: From a technical perspective, the overall trend of the ATOM coin is still bullish. And as mentioned, above the price is currently trying to continue its uptrend after bouncing from the 0.5 FIB. Moreover, the chart also shows a bullish pattern, which could provide an 18-20% gain if provided with a decisive breakout from the $20 mark.
Support: $17.2
Resistance: $20