Cosmos is a fast-growing blockchain network encompassing interconnected decentralized apps and services. It allows the swapping of digital currencies from across the interchain within seconds and at lower gas fees. It provides custodial services too. ATOM is the utility token of this ecosystem. Let us look at the technical analysis of ATOM. Past Performance On Jul 16, 2021, ATOM opened at $11.46. On Jul 22, 2021, ATOM closed at $11.38. Thus, in the past week, the ATOM price has decreased by roughly 1%. In the last 24 hours, ATOM has traded between $10.27-$11.61. https://ift.tt/3BAO2Ur Day-Ahead and Tomorrow Currently, ATOM is trading at $11.16. The price has decreased from the day’s opening price of $11.38. Thus, the market seems bearish. The MACD and signal lines are turning 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 the price to fall further. Currently, the RSI indicator is at 45%. It faced rejection at 31% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the ATOM price. The OBV indicator is also upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further. In short, the RSI and OBV indicators have given bullish signals, while the MACD indicator has given bearish signals. Thus, we can expect intermittent price pullbacks amidst an overall positive trend. ATOM Technical Analysis Currently, the price is above the Fibonacci pivot point of $11.09. The price may soon break out of the first Fibonacci pivot resistance level of $11.60. Thereafter, we have to wait and watch if the price continues to rise or starts falling. Currently, the price is above the 61.8% FIB retracement level of $11.09. It may soon break out of the 76.4% FIB retracement level of $11.29. If the price retests and falls below these levels by day end, probably a price downtrend has set in. In that case, the price may continue falling tomorrow as well.
The post ATOM Technical Analysis: Price May Soon Breakout Above the First Fibonacci Pivot Resistance Level of $11.60 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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