ATOM Technical Analysis: Price Fell Below the Fibonacci Pivot Point of $13.37

COSMOS is one of the first contributors to the community, it was established in 2014. COSMOS’s white paper was published in the year 2016. ATOM’s network allows users to use the Inter-blockchain communication protocol to exchange digital money and information across multiple decentralized blockchains. The ATOM technical analysis,

Past Performance

On June 1, 2021, ATOM started trading at $13.97. As of June 7, 2021, the closing price of ATOM was $13.41. Thus, in the past week, the ATOM price has hardly been volatile. In the last 24 hours, ATOM has traded between $12.52-$15.53.

https://www.tradingview.com/x/0oXG4Nee/

Day Ahead And Tomorrow

Currently, ATOM is trading at $12.88. The price has decreased from the opening price of $13.60. Thus, the market looks bearish.

The MACD and signal lines are set to enter the negative zone. Plus, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish, and we can expect a price pullback for ATOM. However, both the lines are close to the zero lines and may change signs soon. If buying pressure takes over the selling pressure, we might witness a clear breakout on the upside.

The RSI indicator is at 40%. It has just fallen from the 48% mark. Thus, it indicates that the selling pressure is high in the market. Hence, we can expect the price to fall for some time.

ATOM Technical Analysis 

The price has fallen below the Fibonacci pivot point of $13.37. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $11.29 soon.

The price has been tested and is currently trading below the 23.6% FIB retracement level of $13.37. If the price falls below the 23.6% FIB extension level of $13.37 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.