ATOM’s 4% Dip Prompts Optimism: Key Support Zone May Boost Price
ATOM Price Drops 4% in 7 Days – Forecasts Urge Caution
The price of the cryptocurrency ATOM has fallen by more than 4% in the last seven days. Despite this decline, the on-chain metrics and market indicators for ATOM seem to be optimistic.
ATOM Approaching a Key Support Zone
ATOM is on the verge of reaching a key support zone that could either trigger a bull rally or push the price further down. According to Michaël van de Poppe, the ATOM price is near a critical support level. The $7.50–9.00 zone is considered crucial. If ATOM manages to stay at this level, the price of the token could rise to $22–26 in the coming weeks.
What Should Investors Expect?
To understand whether ATOM can hold its ground, AMBCrypto took a deeper look into its on-chain metrics. An analysis of data from Santiment shows that ATOM’s social volume remained high in the last week, reflecting its popularity in the crypto space. Surprisingly, despite the massive price drop, the weighted sentiment was high. This means that investors have confidence in ATOM and expect its price to rise at the time of writing.
ATOM Could Test Its Support Level Again
A look at ATOM’s daily chart shows that ATOM could soon test its support level again. The movement of the Bollinger Bands suggests that the ATOM price is in a less volatile zone, indicating that the chances of an unexpected price drop are unlikely. ATOM’s Relative Strength Index (RSI) also took a sideways path below the neutral zone, indicating some slower days ahead. The Chaikin Money Flow (CMF) looks bullish as it records an uptrend.
How Much are 1, 10, 100 ATOM Worth Today?
If ATOM manages to start a bull rally in the coming weeks, there could be some hurdles to the north. AMBCrypto checked Cosmos’ liquidation heatmap to identify the possible resistance zone. Our analysis shows that ATOM may face resistance near $9.96 in the short term. If it manages to break above this level, it could next face strong resistance near the $10.5 zone.
Sources: Santiment, TradingView, Hyblock Capital
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