- ATOM holders perhaps booking profit, sell pressure increasing.
- Breakout of the symmetrical triangle on the verge, Bulls getting a tough fight.
- ATOM/BTC is trading at 0.0007840 BTC with an intraday change of -1.98% while ATOM/ETH is trading at 0.011171 ETH with an intraday change of -2.38%.
ATOM price is currently trading above all the significant 50, 100 and 200 day moving averages. This is a scenario of bulls handling the price steering. There is also a formation of a symmetrical triangle on the daily time frame where the price is forming lower highs and higher lows. If the price breaks downward there will be the 50 day moving average acting as a support in the days to come.
The Relative Strength Index (RSI) is overall in the favour of the bulls. The RSI line is above the normal zone and is seen curving downwards at present. We might see the RSI line testing the normal zone in the next few days.
The Moving Average Convergence Divergence (MACD) is suggesting favour towards the bulls in the broader picture. Though both the MACD and the signal line are above the zero line, the MACD line is seen crossing the signal line from upwards signifying selling pressure. The histogram is also seen printing red bars referring to immense selling despite bulls being in the steering.
The Fibonacci indicator is suggesting an immediate support at the $34.37 price level. The $34.37 and $31.13 and $27.97 price levels will also act as support. The resistance levels indicated by the Fibonacci are $38.92, $44.72.
NOTE: The moving average 50, 100 and 200 are in colour Yellow, White and Red.
The MACD line is coloured Blue while the signal line is coloured Red.
The important support and resistance levels to look for are:
SUPPORT: $34.37, $34.37, $31.13, $27.97
RESISTANCE: $38.92, $44.72.
TAKEAWAY: Though the techinals used above are in favour of bulls in the broader picture, we might witness a pullback in ATOM price in the near future. There might be traders booking profit at this level creating a selling pressure. The support levels in the form of 50 day MA and the ones suggested by the Fibonacci will be crucial points to watch.