Atom failed to break the resistance price against the USDT last week and saw a sharp decline towards the lows. In December 3 altcoin analysis content, we reviewed the critical levels of ATOM/USDT, which is preparing for a new setup.
We emphasized the importance of 6.4 resistance in our November 25 assessment for ATOMUSDT. The altcoin, which failed to break this resistance with the general decrease in the market, then fell to $ 5 and found a balance at $ 5.2. Trying to hold on to the support levels with the falling volume after the hard drop, ATOM (Cosmos) is testing the average resistance of $ 5.50 – 60.
Daily ATOM/USDT Chart
ATOM encounters resistance in the range of $ 5.50-60 while trying to enter an upward momentum with buyers found in the range of $ 5.20-30 after the drop. Accordingly, the 3-hour candlestick close seems important on this resistance area to continue its uptrend. Above this resistance, 5,8 – 6,2 and 6,4 resistances may come into question. When we look at the recent price movements, narrow-gap resistances draw attention on the uptrend. However, if the transaction volume increases in the market, it is possible to test the 6.4 resistance again.
In the lower zone, a support area has been formed in the range of $ 5.2-5.3. Especially, one day closing below $ 5.2 may cause the altcoin to move rapidly towards the main support of $ 5.
3-Hour ATOM/USDT Chart
On the daily outlook, the stochastic RSI is flat in the oversold zone and could support the rise if it breaks above the resistance area with the milk limit at $ 5.6. On the 3-hour ATOM/USDT chart, the Stoch RSI points to a short-term overbought after yesterday’s rise. This can be interpreted as retesting 5.2-5.3 support area in the day. Therefore, protecting the support area is extremely important for ATOM today. If Atom can find buyers at these levels, we can see that he can move up stronger this time and break daily resistance levels.