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Atom Coin Falls 35% In Value, Expected To Find Support Near $19.20

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  • ATOM started to fall after the recent 52 weeks high of $28.49, and failure of the double bottom pattern was observed.
  • Currently, the coin is trading just below the 50 EMA, which is above the 200 EMA, implying the uptrend is in play.
  • The ATOM/BTC pair is trading at 0.0003859 with an intraday loss of 4.3%

Source- tradingview

ATOM coin price fell almost 35% after constantly moving up and creating a new 52-week high of $28.49; currently, it holds below 50 EMA in the daily timeframe.

After a sharp downside move, a new support zone was observed near $19.20. Today’s live ATOM price is $20.3 with a 24-hour trading volume of $560,441,430 (+47.68%). ATOM is up 10.45% in the last 24 hours. The live market capitalization of the coin is $4,274,704,381.

Failed double bottom leads to long consolidation

Source – tradingview

ATOM had made a double bottom pattern in the daily timeframe before reversal from the 52-week high level. ATOM coin price had a fallout of this pattern recently and gave a whopping 35% downside move. The coin price has gained 10.45% in the last 24 hours. However, the coin price is still inside a long consolidation range between $16.9-$26.5. The $16.95 support level has pushed the price back up; however, a resistance trendline is also observed. The levels of 16.95 and $13.6 are the immediate support, whereas the immediate resistance level is $22.22.

The coin price is trading close to 200 EMA(white), but the golden bearish crossover of 200 and 50(yellow) EMA might drive the price below to the next support level.

The RSI (bearish) indicates bearish momentum while trading at 54. However, after an upward slope, ATOM is now heading towards the oversold zone.

The ADX indicates a loss in momentum as it is trading at 19 while the slope in ADX is moving on the downside, implying a loss in momentum. 

Conclusion: ATOM coin price has recently exhibited a failure of a double bottom pattern and has been consolidating. A bearish EMA crossover might lead the price down; hence, a breach of the $16.9 support level could indicate further downside movement. 

Support- $16.95 and $13.6

Resistance- $22.22

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