The short and medium-term outlook is in the downtrend.
Traders may consider selling at key previous demand area now support.
ATOM/USD Medium-term Trend: Bearish
Supply zone: $10.00, $12.00, $14.00
Demand zone: $3.00, $2.00, $1.00
ATOM continues in a downtrend in the medium-term outlook. The bears kept the pressure up by attaining the target at $4.50 in the demand area predicted in yesterday analysis.
Price further dropped to $4.19 as the momentum to the downside increased. This was the low of the day before price went up to $4.54 in the supply area. This was a correction to the bears' impulsive movement.
Today 4-hour opening candle at $4.43 was a bullish spinning top as the bulls continued to push price up to $4.61 around the 10-EMA. The bears took over with stronger pressure as the cryptocurrency dropped to $4.08 in the demand area.
The two EMAs are fanned apart which suggest strength in the context of the trend and in this case the downtrend. The stochastic oscillator signal points down at 21%, suggesting a downward continuation in price of the coin the medium-term.
ATOM/USD Short-term Trend: Bearish
ATOM remains in the bearish trend in the short-term outlook. The break in the yesterday target opened the door for the retest at the key demand area of $4.00. The coin low of the day was $4.19 before the minor correction to $4.60 as the market opens bullish today.
A bounce to the downside is expected at the trendline as the bears stage a return. ATOMUSD dropped to $4.08.
Minor correction by the bulls is currently ongoing before the bears' return for continuation to the downside.
Live Cosmos (ATOM) Price:
1 ATOM/USD =$4.7536 change ~ -4.70%
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