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The Atom crypto price surged 6% over the past 24 hours to trade at $8.31 at press time.
Atom Crypto Price Overview
4-hour chart for ATOM/USDT (Source: TradingView)
In recent trading sessions, the Atom crypto price has displayed notable fluctuations on the 4-hour chart, with the latest closing prices suggesting a potential shift towards a bullish market. The cryptocurrency closed at prices ranging from $8.302 to $8.483, eventually hitting $8.443 in the latest session. This demonstrates a notable increase that aligns closely with its 9 Exponential Moving Average (EMA) and 20 EMA trajectories, indicating an uptick in buying momentum.
The 9 EMA values have seen a steady rise from $8.065 to $8.279, closely shadowed by the 20 EMA which moved from $8.135 to $8.231. This progressive narrowing of the gap between these two averages highlights increasing buyer interest and a stronger short-term momentum compared to the longer term.
The Moving Average Convergence Divergence (MACD) indicator further supports the bullish sentiment. The latest MACD values moved from a negative to a positive spectrum, with the MACD line crossing above the signal line, resulting in a histogram value of $0.0603. This is a classical bullish signal, suggesting that upward momentum is building.
The Relative Strength Index (RSI), another key indicator, has values fluctuating around the mid-50s to upper 50s, signifying neither an overbought nor oversold market. The RSI peaked at 59.42 before slightly pulling back to 56.36, indicating that there is still room for upward movement before the market becomes overheated.
Levels to Watch
As for market levels, ATOM is currently testing a minor resistance at $8.476. A sustained break above this level could pave the way to further resistance at $8.612 and, if bullish momentum continues, potentially at $8.83. Conversely, should the price retreat, key support levels to watch would be at $8.207 and $8.141, with a more critical baseline support at $8.005.
Potential strategies for traders include considering entry points for long positions if ATOM consistently holds above the $8.476 resistance. Traders might also consider setting stop-loss orders just below the support levels to protect against unexpected downturns. For those looking at potential short opportunities, a reversal from current resistance levels with high volume might provide a viable entry, particularly if other indicators such as the RSI and MACD suggest a cooling off.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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