ATOM Technical Analysis: Price May Fall Below the Support Levels of $12.81 and $12.23

Cosmos blockchain network is a fast-growing player in the DeFi (Decentralized Finance) market. It facilitates cross-chain and multi-chain cryptocurrency transactions. The apps and services on this platform are interconnected using Inter-Blockchain Communicated protocol. This connectivity enables users to exchange digital currencies across borders. ATOM is the native token of this ecosystem.  The technical analysis of ATOM is as follows.

Past Performance

On Jun 11, 2021, ATOM opened at $12.84. On Jun 17, 2021, ATOM closed at $13.60. Thus, in the past week, the ATOM price has increased by roughly 6%. In the last 24 hours, ATOM has traded between $13.06 – $14.58.

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Day-Ahead and Tomorrow

Currently, ATOM is trading at $13.21. The price has decreased slightly from the day’s opening price of $13.60. Thus, the market seems bearish.

The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may turn negative soon. Hence, we can expect the ATOM price to fall further.

Currently, the RSI indicator is at 52%. It faced rejection at 56% and fell to the current level. Hence, selling pressures are high. Heavy offloading of crypto will push its price downwards.

Besides, the OBV indicator has gradually started falling. Thus, selling volumes are slowly surpassing buying volumes. The OBV indicator is giving further credence to the bearish market momentum shown by the other two indicators. Thus, as of now, all three oscillators have given negative signals.

ATOM Technical Analysis

Currently, the price is below the first Fibonacci pivot point of $13.75. It may soon fall below the first Fibonacci pivot support level of $13.17. If the bears remain strong till day close, the price may fall below the subsequent support levels of $12.81 and $12.23, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $13.42. The price may soon fall below the 23.6% FIB extension level of $12.70 as well. Thus, as of now, the bearish forces seem strong. Therefore, we can expect the price downtrend to continue today and tomorrow.