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- Bullish dominance has turned the market green. The price surged 46% in a week, signs of relief for crypto investors.
- The technical indicators indicate flattering but a bullish rally ahead.
- The ATOM/BTC pair is at 0.0003928 BTC which is at a loss of 0.89% in it.
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After a bearish rally, the ATOM has started recovering over the daily chart. This signifies that bullish dominance has returned over the crypto market and is a sign of relief for all crypto investors after facing huge losses amid the bearish rally. This accumulation of bulls has rescued the coin but still, the recovery is not enough. After falling below the support of $10 it will be a difficult task for the ATOM bulls to make the coin recover completely. As the price fell very low the investors might find this a good opportunity to make a swing entry into the market.
The Current price for one ATOM coin is trading at $8.41 with a mere gain of 0.94% in its capitalization in the last 24 hrs. The coin has a trading volume of 276 million which is at a loss of 37.76% in the 24 hrs trading session and a market cap of 2.4 billion. The volume market cap ratio is 0.1151.
Short-term Analysis
While analyzing the graph for a short term (4 hrs) we can observe the same uptrend movement. The signal appears strong this time as we can observe a positive cross over the multiple EMA of 20, 50, 100, and 200 days.
While talking about the MACD we can observe the MACD line is moving above the MACD signal line but we can witness a negative crossover any time the histograms are shrinking, and in support of the above the relative strength index has alarmed an overbought region over the hourly graph which indicates the coin may face a selling pressure ahead. The investors need not worry as the bullish run may not be completely opposed.
Conclusion
After a bearish rally, the ATOM has started recovering over the daily chart and this signifies the bullish dominance has returned over the crypto market. As the price fell very low the investors might find this a good opportunity to make a swing entry into the market. Whereas the technical indicators indicate a flattering bullish run ahead.
Technical levels
Resistance levels: $9.2 and $9.7
Support levels: $8 and $6.9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
