$ATM / USDT Showing Signs of Recovery: Can it Break Through Resistance? 🚀
$ATM is currently trading at $1.092, showing a modest gain of +1.20% today. Examining the 4-hour chart, ATM has been in a downtrend but is now showing potential signs of a recovery attempt after hitting a recent low.
The immediate resistance level to watch is around $1.100 - $1.115. A successful break and sustained trading above this zone could indicate increasing bullish momentum and the potential for a more significant upward move.
Potential Trading Scenario (Exercise Caution):
Possible Entry: Consider a position upon a confirmed breakout and consolidation above 1.115.
Initial Target: Aim for the $1.130 - 1.150 range, which represents previous levels of resistance.
Next Target: If bullish momentum continues, the 1.170 level could be a subsequent target.
Stop-Loss: Implement a stop-loss below a recent swing low, perhaps around $1.075 - 1.085, to manage risk in case of a false breakout or further decline.
Monitor Support: The $1.085 - 1.095 area appears to be acting as immediate support. Observe its strength.
Important Considerations:
Fan Token Sentiment: As a fan token, ATM's price action might be influenced by the performance and news related to the associated sports team or platform (likely Atlético Madrid).
Trading Volume: Watch for an increase in trading volume during any potential breakout, which would add more conviction to the move.
Risk Management is Key: Trading cryptocurrencies involves significant risk, especially with fan tokens which can be volatile. Only trade with funds you can afford to lose and always use appropriate risk management tools like stop-loss orders.
ATM is currently showing early signs of a potential recovery, but breaking through the immediate resistance will be crucial for further upward movement. Keep an eye on team-related news and trade responsibly!
