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Cryptoknowmics 2022-04-29 10:09:59

ATOM Technical Analysis: Falling Channel Warns $20 Fallout

ATOM coin price shows a downtrend in a falling channel pattern, ready to break the $20 support level and reach the $18 mark. Key technical points: ATOM prices attack the $20 mark. The 100 and 200-day EMA are ready for a bearish crossover. The 24-hour trading volume of Cosmos is $460.82 Million, reflecting a decline of 9.20%. Past Performance of ATOM ATOM coin price fails to recover the bullish trend after breaking below the psychological mark of $25. After the breakout, the downtrend continues in a falling channel pattern accounting for a 20% fall and reaching the $20 mark. Source-Tradingview ATOM Technical Analysis ATOM coin price action shows a weakness in the trading volume, reflecting a lack of bearish commitment to the downfall. Hence, the reversal possibility from the support confluence of the trendline and the $20 level increases. Ready to achieve a bearish alignment, the falling trend of the crucial 100 and 200-day EMA prepare a bearish crossover. Hence, the indicator projects a high possibility of a downtrend continuation. MACD Indicator: The fast and slow lines maintain a declining trend lower than the zero line, which is a sign of a bearish trend in place. The MACD histograms indicate an upward trend, which suggests the possibility of a strong downtrend. RSI Indicator: The RSI slope displays an increasing trend in bearish power as it gets closer to the oversold limit within the 14-day SMA influence In a nutshell, th...

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