ATOM price pauses the fall on Tuesday with significant gains. The price finds reliable support near $23.0, which also happens to be a double bottom formation. Investors initiate a dip-buying opportunity that pushed the price above the $25.0 level.
ATOM’s price bounces back to $25.0 with more than 5% gains.
A quick recovery toward the 200-day EMA on the cards near $29.0.
A break below double-bottom around $23.0 will trigger another round of sell-off.
The 24-hour trading volume of the cryptocurrency holds at $636,626,493. As of writing, ATOM/USD exchange hands at $24.83, up 4.11% for the day.
ATOM price could bounce back
Source: Trading view
On the daily chart, ATOM price tracks gain as it arrives near reliable support. Previously, the price witnessed an ascent of 44% to the swing highs of March 3 at $34.46. The ATOM buyers could attempt to bounce back to the previous session highs of $26.60.
A resurgence in the buying order could push toward the 200-day and 50-day EMAs (Exponential Moving Average) at $28.48 and $28.56 respectively.
Source: Trading view
On the other hand, if the price slipped below the session’s low then it could revisit $21.0. On the weekly chart, a ‘hammer’ formation near the 50-day EMA at 25.75 could push toward the psychological $30.0.
Technical indicators:
RSI: The daily relative strength index approaches the oversold zone. However, any uptick in the indicator could strengthen the upside outlook.
OBV: The on-balance volume indicator rises along with the price.
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