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ATOM Price Analysis: Bulls take control over the market

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ATOM- Cosmos’ proprietary token ranks 20 according to the stats of Coinmarketcap. The price of ATOM at the time of press was $3.4200 and the market cap was at $656 million. A huge chunk of ATOM was traded from HOTBIT- one of the professional trading platform based in Shanghai and Taipei. It contributed to a total of $31 million via ATOM / USDT pair.

1 Hour Chart

1 Hour Price Analysis of ATOM
Source: ATOM / USD TradingView

The one hour chart showed an uptrend extending from $3.0234 to $3.3184 without any downtrend. The support was held at $2.8909 and the resistance was at $3.3066.

Parabolic SAR: The dotted lines seemed to have started to trace an upward path indicating that the coin was in the bullish market.

Chaikin Money Flow: The CMF line was well above the zero line and was almost touching the 50-line indicating that there was a lot of inflow of capital placing the coin in the bullish market.

The Awesome Oscillator had a strong bearish momentum but at the press time it was just beginning to go bullish.

1 Hour Chart

Daily Price Analysis of ATOM
Source: ATOM / USD TradingView

The long term chart exhibits an uptrend extending from $6.7175 to $3.4205 without any uptrend to focus on. The resistance was at $3.0864 and the support was held at $2.4710.

The Bollinger Bands seemed to have begun to diverge apart making the coin more volatile.

MACD: The MACD line was above the signal line meaning that the coin was under a bullish trend.

Relative Strength Index: The RSI line was well above the zero line and had breached over the 60-line indicating that the coins were overbought placing it in the bullish market.

Conclusion

All the indicators in the short term chart, as well as the long term chart, suggested that the coin was undergoing a bullish sentiment.

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