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ATOM Price Analysis: The bulls set a shelter in the market

Cryptocurrency


ATOM- Cosmos’ proprietary token ranks 18 according to the stats of Coinmarketcap. The price of ATOM at the time of press was $4.0931 and the market cap was at $786 million and a 24-hour trading volume of $167 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 $23 million via ATOM / USDT pair.

2 Hour Chart

Source: ATOM / USD TradingView

The short term chart showed an uptrend extending from $3.0169 to $3.6375 without any noticeable downtrend. The resistance was at $3.9599 and the support was held at $3.6222.

Parabolic SAR: The dotted line below the candlesticks was going up indicating that the coin was under the bullish market.

The Awesome Oscillator showed that the red bars had just gained a little momentum to place the coin in the bearish market.

Relative Strength Index: The line was swaying under the 50-line indicating that the sellers were active in pushing the coin to the bearish market.

1 Day Chart

Source: ATOM / USD TradingView

The long term chart exhibited a downtrend extending from $5.7504 to $4.2294 and an uptrend extending from $2.1106 to $3.9832. The immediate resistance was at $3.6403 and the subsequent resistance was at $4.3319 while the support was held at $2.5062.

The Bollinger Bands had begun to undergo a huge divergence thereby increasing the volatility of the coins.

Chaikin Money Flow: The CMF line was above the zero line suggesting that the inflow was way more than the outflow of the capital placing the coin in the bullish market.

The MACD line was over the signal line indicating that the coin was under a bullish trend at the time of writing.

Conclusion

The indicators in the short term and the long term charts suggest that the coin was under a bullish influence.

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