Today we will talk about ATOM – one of the most stable cryptocurrencies in the long term. Will ATOM cryptocurrency fix above the previous all-time high? What are the prospects for continued growth from current price? Why is there a very high chance of the ATOM market collapse now? We will talk about all this in this forecast.
ATOM cryptocurrency on a weekly timeframe
On the weekly timeframe, we can see a clear upward trend that buyers have organized from 20 March, 2020. Pay attention to the local highs of this growth channel. Of course, the way ATOM cryptocurrency turned around was different. When the cryptocurrency market was weaker, the reversal was sharp. In the case of insane market growth in early 2021, the market reversal lasted a little longer and was implemented through the ATOM sell-off in consolidation at the highs. However, the common feature of every ATOM reversal is the highest trading volumes at the local highs.
If you pay attention to the current weekly candles, you can see the highest trading volumes in the history of ATOM. At the same time, the price updated its high and stopped.
The critical point for the ATOM growth continuation is $32.57
If you go down to a smaller timeframe, you can see a local pivot point for buyers, from which you can plan to continue the local growth wave:
We have highlighted the $32.57 mark on the chart. Please note that this mark was first broken up by buyers on high volumes. Now all attempts of sellers to return this mark under their control end in false breakouts.
Therefore, for the local continuation of the growth of the ATOM cryptocurrency price without stopping in time, buyers should keep this mark in the event of a potential fall wave. In this case, after a short consolidation, we will expect the ATOM to continue to grow with a target of $59. If you are interested in a stable income from crypto trading without big risks – join our trade marathon!
If the level of $32.57 is broken downwards, the last chance of buyers to continue growth will be in the range of $27-28. Though, in this case, buyers will show weakness, allowing a deep correction at the highs with high volumes. In this case, we would wait for a local price bounce upwards and close our positions.
In pair to Bitcoin, ATOM is also ready to relax
The fact that a reversal process may begin on the ATOM market is also evidenced by the chart of the ATOMBTC pair.
Please note that the breakout of the black channel, in which the ATOMBTC price was trading from September 2019, took place on high volumes. But, it’s not easy for buyers to keep pushing the price up. In this case, we expect a minimum correction in the range of 0.000667-0.0007. In this case, it will be possible to talk about the acceleration of the trend. In the meantime, it is worth letting the ATOM cryptocurrency calm down a little and feel the foundation under your feet.
