$ATOM (monthly chart):
???
25$ - ?
20$ - ?
16$ - ?
12$ - ?
A good level above 9.22 - 9.5$
While above, you can make plans.
Resistance Levels:
$12.00–$13.50: Current resistance zone confirmed by volume (supply block).
$16.00: Significant historical resistance level.
$24.00: The next key target after breaking $16.00.
Global Resistance:
$30.00–$32.00: Long-term resistance zone.
Formation:
A visible "cup" formation, indicating a potential bullish momentum if key levels are broken.
Throughout 2023, a descending channel has formed (marked with orange lines), but the asset is currently testing the upper boundary of this channel.
Volumes:
Significant support volume in the $8.00–$10.50 range, indicating buyer interest.
Low volume between $12.00–$16.00, allowing for a potential quick price movement upon breaking this range.
Key Targets:
1. Short-term: $12.00–$13.50 (resistance test).
2. Mid-term: $16.00, then $24.00.
3. Long-term: $30.00–$32.00 (potential target in case of a global recovery).
My Opinion:
Bullish Scenario: If $12.00 is breached, the price could rise to $16.00, with conditions forming for a test of $24.00.
Bearish Scenario: If the asset fails to hold above $8.30, the next target will be $6.00–$6.50, with further movement within the descending channel.
Overall Trend: Suggests an initial phase of bullish momentum, but confirmation is needed with a breakout above the upper boundary of the channel and the $12.00 zone.
