#Atom looks set to test the stiff resistance at $32, which was previously serving as support. - It will be hard, as the line coincides with the 100 & 50 day MAs. - A breakout and close above it will lead to retest and continuation up to the all time highs as shown at the chart - If not successful, the price will return to the lower supprt around $23 and continue ranging. Good for stacking in such case. Overall- Bullish
what are your thoughts now of ATOM? what resistance do you see and different price targets? is it time to bounce back to new ATH?
StoilIvanov
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@winter_bullish, The outlook remains intact. As are the resistances. Even though we stay closer to the support at the moment, Atom is showing some signs of strenght, both against the dollar and the Btc. The #Cosmos ecosystem has huge potential and will swiftly follow the other well performing alts, which barely recognized the Dec 4 crash. This should happen by EOY and unfold in January. The closest and most serious resistances are as drawn on the chart - 26 and 32/33 usd accordingly. Once cleared , the latter will open the room for attack at the ATH with target the upper line of the channel!
winter_bullish
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@StoilIvanov, appreciate your insight. I am also strong believer in ATOM. fingers crossed there won’t be any more strong dip and the trend continue to be bullish. btc again looks like it’s hanging on the thin line.. hopefully just north from here..
StoilIvanov
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@winter_bullish, #Atom is trully a different generation and should not be that much dependent on the btc moves, because it solves many of the King's issues. It also has more than 80% of its supply already in circulation. It's predifined as with the btc, but you earn more atoms by staking, not by mining. Which means, that sooner or later the price will catch up with the shortage. Definitely deserves to be staking it! As to the BTC- I expect a rejection at the 53K-54K level and retest of the 47K zone. It's crucial because the 50 SMA lies there on the weekly and it has always been providing support so far. A drop below 47k will bring a retest of 42k . A monthly close below 47k will bring the bear market. However, I believe that we are still in a Bull market ( technichal and macro on-chain data point to that) and it will resume at some point, this month or the next.