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Vikram
Jun 21, 2022
by Vikram

ATA Technical Analysis: Will Trendline Breakout Unleash A 40% Jump?

ATA Technical Analysis

Table of contents

  1. Past Performance of ATA
  2. ATA Technical Analysis
  3. Upcoming Trend
ATA price action shows a price jump ready to soar above the resistance trendline to reach the overhead resistance at $0.27.

Key technical points:

  • The ATA market price has increased 30% over the past three days.

  • The price action shows a bull cycle ready to surpass the resistance trendline.

  • The 24-hour trading volume of Automata Network is $40.68 Million, indicating a hike of 4.40%.

    • Past Performance of ATA

    ATA prices experience an increase in demand remarkably as the consolidation breakout challenges the long-coming resistance trendline. In addition, the bullish reversal from the $0.15 mark results in a double bottom pattern, and the breakout will coincide with the trendline breakout. Hence, traders can expect the trendline breakout as an entry spot.

    TradingView Chart

    Source- Tradingview

    ATA Technical Analysis

    ATA price action forms a bullish engulfing candlestick closing slightly above the resistance trendline. Hence, traders must wait for the daily candle to close above the $0.20 mark resulting in the double bottom breakout. The bullish reversal rally surpasses the 50-DMA resulting in a bullish reversal in the ten and 20-DMA. The daily RSI's slope shows a sideways trend close to the halfway line 14-day SMA, reflecting a solid underlying bullish trend.

    The MACD and signal lines maintain a bullish alignment to reach the zero line with a positive trend in the MACD histograms. Hence, the indicator projects a rising trend in buying pressure. In a nutshell, the technical indicators support the price action teases a double bottom breakout.

    Upcoming Trend

    If the buying pressure continues, ATA prices will break above the double bottom’s neckline at $0.20, and traders can expect a price jump to $0.25.

    Resistance Levels: $0.20 and $0.25

    Support Levels: $0.16 and $0.13

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    ATA Technical Analysis: Will Trendline Breakout Unleash A 40% Jump?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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