ATOM price has been trading in a downward trend and has replicated a bearish momentum since mid-June.
ATOM price has been on a downward spiral since mid-June, replicating a bearish momentum. It has corrected by over 50% in the last three months and has hovered close to the 52-week lower trajectory of $3.50.
On the other hand, BTC and the general crypto market experienced mild gains and remained positive. However, ATOM price struggled to regain positive momentum and continued to bleed gains.
Trading below the key EMAs, the bear army had persisted in making short positions, and signs of distribution from the top were noted on the chart.
Bearishнализ: A Close Look at the Bearish Scenario
After observing a strong rally from the $2.20 levels, ATOM price encountered a resistance zone at $5. This level has seen selling pressure for the past few weeks.
Moreover, crypto traders can expect to see a retest of this resistance. If it fails to sustain, we can anticipate a continuation of the downward rally.
As we can see, the bear army has maintained strong selling pressure at the highs. Bounces were not sustained at the highs, indicating that buyers were looking weak, and the battle favored the bear army.
Now, let’s take a glance at the Fib levels. The $4 mark is the prompt 23.6% support zone; slipping below it could send ATOM price toward its 52-week low region.
ATOM/USD Daily: Bearish Scenario | Source: TradingView - Shango83 (Bearish)
Bullishнализ: A Deeper analysis Into the Bullish Scenario
Now, let’s analyze the bullish scenario, as put forth by @Shango83 in his tweet. As per his analysis, ATOM crypto price might retest the resistance zone of $5. It could continue its downward rally in the coming sessions.
$ATOM pic.twitter.com/Pv6y5cWETX
Moreover, a break and close above this level could indicate the next trend reversal. After a massive sell-off pressure from the $22 highs, bear army has maintained strong selling pressure at the highs. Bounces were not sustained at the highs, indicating that buyers were looking weak, and the battle favored the bear army.
After observing a strong rally from the $2.20 levels, ATOM price encountered a resistance zone at $5. This level has seen selling pressure for the past few weeks.
However, crypto traders can expect to see a retest of this resistance. If it fails to sustain, we can anticipate a continuation of the downward rally.
As we can see, the bear army has maintained strong selling pressure at the highs. Bounces were not sustained at the highs, indicating that buyers were looking weak, and the battle favored the bear army.
Now, let’s take a glance at the Fib levels. The $4 mark is the prompt 23.6% support zone; slipping below it could send ATOM price toward its 52-week low region.
ATOM/USD Daily: Bullish Scenario | Source: TradingView - Shango83 (Bullish)
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