- The RSI line has shown a decline in its value concerning the ATOM coin’s price action
- The ATOM/BTC pairing traded at 0.0005368 BTC, with a loss of 2.42%
- The ATOM coin’s 24hr trading volume is $697.5 Million
The ATOM coin faced strong rejection from the ATH resistance of $44, resulting in a minor pullback for this coin. The price again plunged to a crucial support level of $30, where it wavered for a couple of days and formed a double bottom pattern. The coin price has provided a decisive breakout from the $35 neckline, suggesting the continuation of the bull rally.
According to the EMAs, the ATOM coin price is trading higher than the crucial EMAs of 20, 50, 100, and 200, indicating a strong uptrend. Moreover, the coin price has just reclaimed the 20 EMA line, encouraging the ongoing rally.
The RSI value is at 54, indicating a bullish sentiment for this coin.
The ATOM Coin Displays A Breakout From A descending trendline In The 4hr Time Frame
For the above-mentioned retracement phase, the ATOM coin obtained strong resistance from a new descending trendline. This coin price faced multiple rejections from this line, which was responsible for maintaining this short-term downtrend in the coin. However, on October 19th, the price finally gave a settling from this level, providing an excellent entry opportunity for crypto traders.
The MACD indicator shows that both the MACD and signal lines are above the neutral area (0.00), indicating bullishness in the ATOM coin. Moreover, this line also provides a bullish crossover, providing more confirmation to the above pattern.
Conclusion: from the technical perspective, the overall trend for ATOM coin is still bullish. And as mentioned, the chart signaled a great entry opportunity for ATOM traders with the breakout from a double bottom pattern. If the price sustains above this pattern’s neckline, this would have a great possibility to climb back to the ATH level.
Support – $35
Resistance- $38