Cosmos / TetherUS
做多

ATOM Forming Pennant, Will it Make or Break

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This bearish daily chart shows that the price of ATOM has decreased since last month. If this price decrease continues, ATOM could break the $5.939 support level and move lower to $4, the bearish signal for 2023.

Presently, ATOM is on a bearish trend as indicated in the recent downtrend. Since the 200-MA is above the 50-MA, we can deduce that the price is bearish for long-term investors.

But if ATOM broke out of its pennant and rise higher, it can reach up to its resistance level. However, it broke the lower trendline, and a possible reach to its support can be seen.

Resistance: $14
Support: $6

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