On the weekly $ATOM chart, there's a breakout of the descending channel (the start of a breakout!) to the upside. The price is holding above the approximately $9–10 zone, which now serves as a key support. Currently, volumes are increasing, and the RSI is approaching overbought territory (around 69), which could lead to a temporary pause or a minor pullback.
Key Levels:
Support: $8–9 (a former resistance area, now potential support after the breakout).
Near-Term Target: $12 (a possible interim resistance zone).
Long-Term Targets: The $20–28 range, where significant supply and potential profit-taking are expected.
Thoughts:
Further upward movement is possible if the $9–10 level holds. In a scenario of strong momentum and low macroeconomic risks, a rally toward $20–28 is not out of the question. However, due to the high RSI, a short-term pullback or consolidation may occur before another attempt to push higher.