The short and medium-term outlook is in a range-bound market.
Patience is required at this period.
ATOM/USD Medium-term Trend: Ranging
Supply zone: $10.00, $12.00, $14.00
Demand zone: $4.00, $3.00, $2.00
ATOM continues in a downtrend in the medium-term outlook. The bears finally broke the demand area at $4.20 after three attempts on 14th July as price fell to $3.93. The coin further drops to $3.85 in the demand area before the end of the yesterday session.
Today 4-hour opening price at $3.86 had the bears briefly in control as price dropped to $3.60 with the candle closed as a hammer.
The cryptocurrency is up at $3.98 with a large bullish candle. The breakout at the 10-EMA suggests a continued rally to the key supply area with price at $4.11 in the supply area. The coin may continue to the key supply area as indicated by the signal of the stochastic oscillator at 40 % before possible exhaustion and rejection which may usher in the bears back into the market.
ATOM/USD Short-term Trend: Bullish
ATOM is in the bullish trend in the short-term outlook. The bears lost momentum at $3.60 in the demand area shortly after today’s opening with the formation of a hammer as the candle closes. The bulls gradually took control of the market.
Increased bullish momentum led to the break of the two EMAs as the coin rose to $4.14 in the supply area.
The 78.6 fib area may be the target of the bulls at $4.20 in the supply area with the signal of the stochastic oscillator point up at 93% in the overbought region an indication of upward momentum in price in the short-term.
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