Kosmos price analysis: ATOM Coin shows an inverted head and shoulders pattern in the daily time frame
- The ATOM coin features a strong bullish engulfing candle pattern that forms a right shoulder of the inverted head and shoulders pattern
- The ATOM / BTC pair was trading at 0.0004BTC with a gain of 11.5%.
- The 24-hour ATOM coin has a volume of more than $ 334.8 million
The ATOM Coin price shows the formation of the inverted head and shoulders pattern in the daily time frame. The cutout for this pattern is at $ 13, which is pretty close to the FIB 0.618. When price breaks this resistance strongly, traders can grab a great long opportunity in the ATOM coin.
In terms of the EMAs, the ATOM coin trades below the critical EMAs 50, 100 and 200 as the price is still in its bearish phase and all these EMA lines should not be neglected as they are considered good levels of resistance in the. act coming period. Currently the price is experiencing good resistance from the 50 EMA as it tried to move the above cutout.
The RSI (BULLISH) the value is 54, which indicates a slightly bullish sentiment in the price.
ATOM Coin is rising with a small parallel channel pattern
Source – ATOM / USD on Tradingview
The ATOM coin price shows an increasing parallel channel pattern over the 4 hour timeframe. This pattern could offer a box of new opportunities for market participants interested in ATOM coins. In addition, traders can also display the traditional pivot level, which is great confirmation and a place for traders to set a logical stop loss.
The MACD indicator (BULLISH) shows that both the MACD and the signal line are supported by the neutral zone, with a bullish crossover indicating bullish momentum in the market. The histogram also shows rising green bars supporting bullish sentiment, falling red bars, indicating weakness in the market bears.
Conclusion: From a technical point of view, the ATOM coin offers several options for ATOM traders if only it follows the above mentioned patterns. With both patterns pointing to a strong upward move, traders can look for long traders in ATOM coins to make the most of the current market scenario.
Support: $ 10.8
Resistance: $ 13.8