ATOM/USD Price Analysis October 13
The breaking down of the $29 support level may drop the coin towards the support levels of $24 and $17. An increase in the bulls’ momentum may break up the resistance level of $36 in which the resistance levels of $40 and $45 may be tested.
Resistance zone: $36, $40, $45
Support zone: $29, $24, $17
ATOM/USD Price Long-term Trend: Bearish
The bearish trend started on September 24 when the coin found resistance at the high level of $45. In other words, ATOM/USD topped at $45 on September 24. The full presence of the bears is noticed when a strong bearish engulfing candle is formed. The price is advancing towards the support level of $29 after penetrating the support levels of $40, and $36.
At present, the daily bearish candle formed indicate further declination of the price. The coin has broken down the 9-day EMA and 21-day EMA. The breaking down of the $29 support level may drop the coin towards the support levels of $24 and $17. An increase in the bulls’ momentum may break up the resistance level of $36 in which the resistance levels of $40 and $45 may be tested. Meanwhile, the Relative Strength Index period 14 is at 40 levels bending down to indicate a sell signal.
ATOM/USD Medium-term Trend: Bearish
ATOM is also bearish on the 4-Hour chart. It seems the bearish momentum is getting weak in the Cosmos market. The price tested the support level of $29 yesterday. Followed the scenario is the formation of bullish engulfing candle at the same level. The price is gradually increasing towards $36 price level.
The price may reverse when the bulls increase their pressure. The price is above the 9-day EMA and the 21-day EMA with the two EMAs not well distance from the price. The relative strength index period 14 is at 45 levels with the signal line point down to indicate a decrease of ATOM price which may be a pullback.