ATOM is aiming to re-test our current ATH at $25. The indicators and price action are looking good for that on daily timeframe and the pattern we have formed here is an ascending triangle.
All these elements leads us to be bullish bias on this current formation. However, another rejection at ATH level may lead to a longer consolidation / correction in ATOM. This is also hinted by the weekly timeframe where MACD is a bit bearish and RSI may paint a bearish divergence soon.
So on short time, I can see ATOM re-testing it's ATH at $25, but we really need to push higher after that otherwise, a rejection there may turn us bearish. Volume is also not great lately, with a descending slope.
We have to wait to see what ATOM will do once we hit that ATH level again. For now, I am bullish until we hit $25, after that we need to look at the chart again.
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All these elements leads us to be bullish bias on this current formation. However, another rejection at ATH level may lead to a longer consolidation / correction in ATOM. This is also hinted by the weekly timeframe where MACD is a bit bearish and RSI may paint a bearish divergence soon.
So on short time, I can see ATOM re-testing it's ATH at $25, but we really need to push higher after that otherwise, a rejection there may turn us bearish. Volume is also not great lately, with a descending slope.
We have to wait to see what ATOM will do once we hit that ATH level again. For now, I am bullish until we hit $25, after that we need to look at the chart again.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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