ATOM: Massive Descending Wedge Formation, These Levels to Watch!

Hello Community,

welcome to my new analysis of ATOM from a weekly timeframe perspective. In the past times I have detected really interesting setups in the market to make a profit from trading them. The cryptocurrency market offers strong cryptocurrency gems in any market phase, which could turn into profitable trading opportunities along the way. One of them is ATOM. In this cryptocurrency, I detected interesting signs that could lead to major bullish expansions in the upcoming times.

When looking at my chart, we can see how ATOM forms this gigantic descending wedge formation. Within this wedge, it has already finalized the wave count and now bounced within the ascending support trendline, primed for a final breakout above the upper boundary of the formation. Such a breakout above the upper boundary of the formation will confirm the target zones and set up a strong bullish expansion towards the upside once completed.

There is also a bullish MACD divergence taking place here. The MACD is trading considerably higher than the previously established low in the MACD. This dynamic is also corresponding with the higher low in the actual price action of ATOM. Such a MACD divergence is a strong sign for a bullish reversal brewing, with the potential to reach higher levels. Once the bullish momentum is established and ATOM continues with the acceleration of bullish momentum, higher targets than the projected descending wedge targets are also likely to be reached.

In this manner, thank you a lot for watching!
The support is highly appreciated.

VP