After the correction phase of more than 35%, the ATOM price finds demand near the $25 mark and jumps more than 7% in the past day. The price action forms a short falling channel, the breakout of which will result in a significant bullish jump.
Key technical points:
The ATOM price struggles to rise above the 20-period EMA in the 4-hour chart.
The intraday trading volume in the Cosmos coin is $837.4 Million, indicating a 10% gain.
Source- Tradingview
The ATOM price shows a downfall of more than 35% in the past two weeks, resulting in the formation of a resistance trendline. Furthermore, the price action creates a short-term falling channel with a recent bullish jump within the pattern.
The recent jump of more than 7% in the coin price drives it higher to the short-term resistance trendline. The trendline tracks a similar path as the 20-period EMA in the 4-hour chart. Therefore, the breakout of the 20-period EMA will result in a price jump to the long-coming resistance trendline.
We współpracy z: https://coingape.com/markets/cosmos-price-analysis-this-descending-trendline-breakout-is-essential-to-initiate-recovery-rally-in-atom/
