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Sanjay Shukla
Nov 15, 2022
by Sanjay Shukla

ATOM Technical Analysis: Another Test For Buyers At $10.60

ATOM Technical Analysis
The technical analysis of ATOM displays a strong uptrend in the market with multiple low-price rejections while RSI indicates a buying spree. Will you consider buying ATOM at this moment?

COSMOS (ATOM) over the last 24 hours registered a rise of more than 3.36 % with a daily high of $10.68.  Although ATOM lost 21.06% in the last 7 days due to the crypto crash in the backdrop of the Binance-FTX deal failure, the token recovered from the loss with the recent bullish reversal which is seen in most crypto markets for the last two days. The trendline displays a substantial bullish trend with multiple low-price rejection candles, as ATOM prices are eyeing to break the $10.71 resistance.

Key Points

  • ATOM price actions display a bullish reversal with increasing buying pressure 

  • The support trendline displays multiple low-price rejection candles 

  • The intraday trading volume in ATOM is $186.04 million, with a 24.34% decline in the last 24 hour

    • TradingView ChartSource: Tradingview

    ATOM Technical Analysis

    At the current price of $10.59, the ATOM price actions maintain a bullish trend with a minor increase in market cap at $3.0 billion. The Fibonacci retracement also signals a bullish reversal rally as prices move between the range of 50% and 61.80% after pulling back from 38.20%. There are multiple entry opportunities for the sideline traders as the support trendline indicates a buying spree at every breakout. The 50-day SMA moving along the trendline indicates uptrend sentiment in the market. If the bull cycle sustains, ATOM prices may cross the ceiling of $11, whereas if it fails to maintain the bull momentum, the prices may break below the crucial mark of $10.

    Technical Indicators

    RSI nosedived from the overbought boundary to the neutral zone of 50% under the 14-day SMA signaling the right time for buyers to make an entry as RSI rebounded, teasing a bullish divergence. On a bearish histogram, after making a bearish crossover, the increasing gap between MACD and signal lines indicates a potential bullish breakout where traders can find buying opportunities.

    With increasing buying pressure, the technical indicators show a bullish trend in the market with ATOM prices set to break the $10.71 resistance level with multiple entry opportunities for the traders.

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    ATOM Technical Analysis: Another Test For Buyers At $10.60
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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