ATOM Begins Upward Move After Bounce at Support

2020-12-30 18:33

The Cosmos (ATOM) price has been moving upwards since bouncing at its ascending support line on Dec. 23.

ATOM should move upwards at a faster rate once it breaks out above the current descending resistance line.

Bounce Above Support

The daily chart shows that ATOM has been following an ascending support line since July 27, having most recently bounced from it on Dec. 23. The bounce also validated the $4.05 area as support, which is the 0.618 Fib retracement level of the entire upward move.

While the resistance area is difficult to determine due to numerous upper wicks, it’s likely found at $6.30, the 0.5 Fib retracement of the most recent decline. If successful in moving above, the next resistance area would be at $8.90.

Chart By TradingView

Technical indicators on the daily time-frame are bullish, supporting the possibility that ATOM will reach the $6.30 area and possibly break out.

Therefore, as long as it’s trading above this ascending support line, it should continue increasing towards the resistance levels outlined.

Chart By TradingView Future Movement

Cryptocurrency trader @CryptoMichNL tweeted an ATOM chart, stating that he believes it will perform well in 2021.

He outlined $9 and $12 as potential take profit levels. The former also coincides with the resistance level we outlined in the first section.

Source: Twitter

However, to do so, ATOM first has to break out from the current descending resistance line, which has been in place since the $8.87 highs on Aug. 25.

Once it does, it is likely to increase at an accelerated rate towards the resistance levels previously mentioned.

Both the MACD and the RSI readings support this possibility.

ATOM Chart By TradingView Double Bottom for ATOM/BTC?

The chart for ATOM/BTC shows that the price has returned to its lowest levels since Aug. 2019, nearly reaching an all-time low. ATOM is currently trading just above the 18,000 satoshi long-term support area, above the all-time low of 17,940 satoshis.

Despite showing oversold levels, technical indicators have not given any bullish reversal signs.

Therefore, until ATOM/BTC bounces from the current support area and successfully reclaims the 28,000 satoshi resistance area, we cannot consider the trend bullish.

ATOM Chart By TradingView Conclusion

To conclude, the ATOM price is likely to break out above the current descending resistance line and move towards the resistance levels at $6.30 and possibly $9.

Despite trading near its all-time low support level, ATOM/BTC has yet to show any bullish reversal signs.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post ATOM Begins Upward Move After Bounce at Support appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Atomic Coin (ATOMIC) на Currencies.ru

$ 0.0008254 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0008254 - H: $0.0008254
Капитализация $15.315k Rank 99999
Доступно / Всего 18.555m ATOMIC / 252m ATOMIC

atom support above line bounce move ascending

Источник: beincrypto.com

atom support → Результатов: 30


Фото:

An ATOM Decrease Below the Current Support Could End the Upward Trend

The ATOM price failed to break out above the 65,000 satoshis resistance area throughout December and began a downward move that is still ongoing. The price has reached a very significant support level and the ascending support line that has measured the rate of increase since the beginning of the upward movement on September 6, […] The post An ATOM Decrease Below the Current Support Could End the Upward Trend appeared first on BeInCrypto.

2020-1-9 10:44


Cosmos Soars 27% Upon Binance Listing, Crypto Community Raves

By CCN. com: ATOM, the native crypto asset of the highly anticipated Cosmos blockchain network, has been listed by Binance, the world’s largest crypto exchange. Changpeng Zhao, the CEO of Binance, said that the development team behind Cosmos refused to communicate with exchanges regarding listing opportunities but Binance proactively listed it due to its support of the project.

2019-4-28 16:21


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.

Upbit Exchange Outperforms Coinbase and OKX in July

Korean exchange Upbit records $29.8 billion in spot trading volumes as it benefits from superior regulation compared to US exchanges. The post Upbit Exchange Outperforms Coinbase and OKX in July appeared first on BeInCrypto.