ATOM explodes and reaches new ATH
Cosmos (ATOM) is rising at a parabolic rate, trying to move above the $ 26.70 resistance area.
Both high and low timeframe indicators show that this will ultimately succeed.
ATOM has been rising along with the ascending parabolic support line since June 22nd. The fall on September 7th confirmed this support line (green symbol) and the super trend line. The subsequent crack created a very long lower wick.
Currently, ATOM is facing resistance at $ 26.70. A breakout above this level would likely push the token to a new all-time high.
MACD, and RSI in particular, both support this surge. Although the MACD has started to decline, it is still in positive territory. The RSI stays above 50 creating a potential bullish divergence, a strong sign that the trend is continuing.
Hence, the daily chart shows that the price will eventually break above the resistance area.
ATOM / USDT daily chart | Source: TradingView
Trader @thebull_crypto sketched an ATOM chart and said it could be the next coin a parabolic pump sees. As can be seen above, the indicators from the daily chart agree with this assessment.
The source: Twitter
The shorter 6-hour chart shows that ATOM has broken out via an ascending parallel channel and has subsequently confirmed this as support (green symbol). This also completes the pullback with wave 4.
The most likely target for the peak of the move up is between $ 29.30 and $ 30, and this target is found using the Fibonacci outer retracement of 1.61 from wave 4 (black) and its length of 0.618 from wave 1-3. The next most likely target is $ 37.50.
ATOM / USDT 6-hour chart | Source: TradingView
Atom / BTC
The ATOM / BTC chart shows that the token is about to break above the 54,000 Satoshi resistance area.
If he succeeds, the next resistance is 72,000 Satoshis.
MACD and RSI are both rising and supporting a breakout. Combined with a rise in the ATOM / USD pair, this is very likely.
ATOM / BTC 3-day chart | Source: TradingView
You can see the ATOM prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto