ATOM Technical Analysis: Below $27 A Catastrophe Will Begin

The rather weak correction of the ATOM price compared to the collapse of the entire cryptocurrency market gave hope. ATOM buyers missed their chance for a rapid growth wave along with the BTC price. Thus, from the previous article, the ATOM price remained at the same place. Buyers have only shown the unwillingness to form a new growth wave in the range of $27. The last weekly candle was able to cover only half of the neighbor’s falling candle. In addition, trading volumes last week were quite low. If buyers had a lot of interest in the $27 range, we would have seen either the closing of the last weekly candle at least in the $35 range or trading activity this week. The fact of the passivity of buyers hints at the incompleteness of a fall wave and the probable breaking of a local trend line downwards. In this case, you should expect a test in the range of $18. https://www.tradingview.com/x/KZSG0Qkc/ In the weekly chart, we see that in the $18 price range, ATOM will test its global trend line of the growth channel. This orange channel of growth has been organized by buyers since July 2020. If most cryptocurrencies have successfully tested their similar trend lines, ATOM has kept it for dessert. Given the fact that the BTC price correction from $46,000 has started, the probability of other altcoins falling is quite high. Therefore, by the end of February, the probability of a new fall wave is quite high. Technical Analysis Of ATO...