In a new technical analysis of ATOM, the Cosmos blockchain network is a fast-growing player in the DeFi (Decentralized Finance) market. It facilitates cross-chain and multi-chain digital money transactions. The apps and services on this platform are interconnected using Inter-Blockchain Communicated protocol. This connectivity enables users to exchange cryptocurrencies across borders. ATOM is the prime governance token of this ecosystem. Past Performance On April 12, 2021, ATOM started trading at $23.46. As of April 18, 2021, ATOM closed at $21.40. Thus, in the past week, the ATOM price has decreased by approximately 9%. In the last 24 hours, ATOM has traded between $20.78-$22.25. https://ift.tt/3n0i4dl Day-Ahead and Tomorrow Currently, ATOM is trading at $21.99. The price has increased slightly since morning. Thus, the market seems bullish. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect a price pullback. The RSI indicator is currently at 39%. It faced rejection at 35% and rose to the current level. Hence, as of now, the selling pressures are high but buying pressures are slowly mounting. Thus, we can expect a price pullback before the price resumes its upward journey. However, the OBV indicator is steadily rising. Buying volumes are higher than selling volumes. High demand for crypto will push the ATOM price upwards. Thus, the OBV indicator is giving strong indications of a bullish trend. But, since the other oscillators are showing a price pullback, we can expect some intermittent price dips amidst an overall positive trend. At this point, it is too early to confirm a trend reversal. ATOM Technical Analysis As per technical analysis, currently, the price is above the Fibonacci pivot point of $21.48. If the bulls remain strong, we can expect the price to break out of the subsequent resistance levels of $22.38 and $22.95 respectively, in some time. The price has tested and broken out of the 38.2% FIB retracement level of $21.69. It is soon likely to surpass the 23.6% FIB retracement level of $21.90. Thus, we can conclude that as of now the price uptrend is strong and is likely to continue tomorrow as well with intermittent price pullbacks.
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