ATOM price pauses the fall on Tuesday with significant gains. The price finds reliable support near $23.0, which also happens to be a double bottom formation. Investors initiate a dip-buying opportunity that pushed the price above the $25.0 level.
ATOM’s price bounces back to $25.0 with more than 5% gains.
A quick recovery toward the 200-day EMA on the cards near $29.0.
A break below double-bottom around $23.0 will trigger another round of sell-off.
The 24-hour trading volume of the cryptocurrency holds at $636,626,493. As of writing, ATOM/USD exchange hands at $24.83, up 4.11% for the day.
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ATOM price could bounce back
Source: Trading view
On the daily chart, ATOM price tracks gain as it arrives near reliable support. Previously, the price witnessed an ascent of 44% to the swing highs of March 3 at $34.46. The ATOM buyers could attempt to bounce back to the previous session highs of $26.60.
A resurgence in the buying order could push toward the 200-day and 50-day EMAs (Exponential Moving Average) at $28.48 and $28.56 respectively.
Source: Trading view
On the other hand, if the price slipped below the session’s low then it could revisit $21.0. On the weekly chart, a ‘hammer’ formation near the 50-day EMA at 25.75 could push toward the psychological $30.0.
Technical indicators:
RSI: The daily relative strength index approaches the oversold zone. However, any uptick in the indicator could strengthen the upside outlook.
OBV: The on-balance volume indicator rises along with the price.
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
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