ATOM Analysis – Fibonacci to the Rescue

In this sea of disastrous news for the entire cryptocurrencies market, the Cosmos and its native currency ATOM resist thanks to mathematical technical supports. Analysis.

ATOM – Weekly chart: Kijun in support.

After a tremendous technical bounce off key support, located at $5.61prices have stumbled against a weekly BLU flat à 16,66$.

This technical resistance has created a medium-term range situation, with support set at. 11,12$. This is an important support. It is given by the Fibonacci Retracement and its golden ratio. Thus, the 61.8% and the 50% retracement are the two supports to watch out for in the coming weeks.

The indicator MACD remains bullish even though its moving averages are narrowing, which shows weakness in this technical rebound. However, no sign of sale is sent. In addition, the decrease in volume confirms that traders are waiting for an exit from the technical zone.

ATOM – Daily chart: Volatility to the upside.

The cryptocurrency of the Cosmos project does not escape the general panic. Over the past four days, the storm has raged. For the time being, the Fibonacci retracement has supported prices in these violent days.

With a magnificent rebound of 20% this Thursday, November 10Prices have recovered and stabilized in the 50% of the Fibonacci retracement. However, the short signal given by an output under the daily cloud must be taken into account.. Because it indicates that the short-term uptrend is over. As long as prices do not break back above $13.82..

As for the MACDIt also gives a signal from the sellerwith a bearish crossover of its two moving averages. Therefore, it is necessary to carefully observe 11.12 as the main support. And the 9.74 as the last support of this uptrend..

It is important to note that the situation will not improve that much. LThe FTX case had a major impact on the damage to the entire market. Investors will need to be patient for the next few weeks, which are likely to be hectic..

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