The ATOM coin price is under extreme selling pressure as the $30 support zone collapses to halt the downfall.

Cosmos introduces itself as a platform to solve the most challenging problems facing the blockchain industry. By presenting an ecosystem of coupled blockchains, it intends to offer an alternative to the proof-of-work protocol, which drives Bitcoin, the most prominent cryptocurrency.
<h2>Past Performance of ATOM</h2>
After being <a href="https://www.cryptoknowmics.com/news/atom-technical-analysis-price-resonates-within-range/">trapped</a> between a range from $30 to $43, the ATOM coin price gives a fallout below the range. Furthermore, the increased selling pressure results in a 10% fall leading to a bearish engulfing candlestick. Moreover, the candle breaks below the support zone near the $30 mark.

<img src="https://s3.tradingview.com/snapshots/c/CDzZBa8m.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/CDzZBa8m/">ATOM/USD Daily Chart</a>
<h2>ATOM Technical Analysis</h2>
The rising downtrend momentum gives a fallout below the 50% Fibonacci retracement level in the daily chart. Thus, a downfall to the 61.80% level at $23 is possible. 

However, the fallout of the $28.5 Pivot Point indicates a decline to the $20 mark. Moreover, the $37 and $45 levels above the coin price await a bullish reversal.

As the slope touches the boundary of 30%, the RSI indicates the coin is oversold. Hence, a bullish retracement is in order. 

The falling MACD and signal lines below the zero-mark deeper in the negative zone in the daily timeframe. Hence, the MACD indicator gives a sell signal.
<h2>Upcoming Trend</h2>
As the ATOM prices fall below the crucial support zones, the technical analysis of Cosmos indicates a downfall to the $23 mark. The MACD indicator gives a selling signal; however, the RSI showcases saturation in the falling pressure. Hence, safe traders must wait for the prices to close below the 50% Fibonacci level before taking a short position. 

Also, the price action indicates solid support levels at $17 and $9 and the resistance levels at $38 and $44.

ATOM Technical Analysis: Breakout of 50% Fibonacci Level Can Drive Prices Lower

The Cosmos (ATOM) coin price is under extreme selling pressure as the $30 support zone collapses to halt the downfall.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;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.

ATOM Technical Analysis: Breakout of 50% Fibonacci Level Can Drive Prices Lower

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