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Cryptoknowmics 2022-09-30 08:34:55

ATOM Technical Analysis: Will ATOM Prices Sustain Above This Trendline?

The ATOM Technical Analysis exhibits a declining trend approaching the long-coming support trendline, teasing a potential bullish reversal entry opportunity. The ATOM price action displays a 22% drop in the market value after the sudden increase in supply inflow over the 200-day EMA. Furthermore, the declining trend approaches the long-coming support trendline, which has proven to be a bullish launchpad. So, should you consider buying Cosmos at the support trendline? Key Points: The Cosmos price action shows a trend reversal possibility. The price action displays a power struggle at the 50 and 100-day EMA. The intraday trading volume in Cosmos is $3786 million. Source – TradingView ATOM Technical Analysis The ATOM price action displays a bullish failure to sustain above the 200-day EMA resulting in a downtrend. The declining trend breaks under 200-day EMA and approaches the support confluence of the 50 and 100-day EMA. The long-coming support trendline and the crucial support level of $12.35 cushion the downtrend, thus, increasing the bullish reversal possibility. Additionally, the declining trend in the trading volume during the correction phase reflects weakness in the selling pressure. After breaking below the support trend line, influence over the 50 and 100-day EMA increases, resulting in the bearish crossover. Moreover, the bearish gap between the EMAs increases as the price ranges below the $1.20 support level. Currentl...

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