Bearish Breakout Envisaged at $13 Level

Weak bullish movement in ATOM market

ATOMUSD Price Analysis – October 08

When ATOM break down the support level of $10, price may be expose to the low of $8 and $7 support levels.  In case the support level of $10 holds, price may increase to the resistance level at $13, further increase in the bulls’ pressure may push up the price to $14 and $16 levels.

ATOM/USD Market

Key levels:

Resistance levels: $13, $14, $16

Support levels: $10, $8, $7

ATOMUSD Long-term Trend: Bearish

ATOMUSD is bearish on the daily chart. Atom has formed a bearish chart pattern on the daily chart called double top. This is noticed at the resistance level of $16. Sellers took over the market with the formation of bearish engulfing candles. The crypto penetrates the former support levels of $14 and $13. The bearish trend extends to $10 support level where it is currently pulling back.

The price is trading below the two EMAs as a sign of bearish movement. The fast Moving Average (9 periods) is below the slow Moving Average (21 periods EMA) and are separated. When Cosmos break down the support level of $10, price may be expose to the low of $8 and $7 support levels.  In case the support level of $10 holds, price may increase to the resistance level at $13, further increase in the bulls’ pressure may push up the price to $14 and $16 levels.

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ATOMUSD medium-term Trend: Bearish

ATOMUSD is bearish in the 4-hour chart. When Cosmos repelled from the resistance level of $16, it could not increase further, bears gained momentum at $16 level.  Sellers’ pressure pushed the price to the low of $13. The just mentioned level holds coupled with low momentum from the sellers to push down the price. The ranging movement within $13 and $11 levels commenced.

The two EMAs are interlocked to each other and the currency pair is hovering over the 21 periods EMA and 9 periods EMA which indicates that ranging movement is in progress. The relative strength index period 14 is at 55 levels and the signal lines display no specific direction.

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