SasanSeifi| Will It Rebound or Drop Further?
2024-09-17

Hey there, ✌In the weekly timeframe, as you can see, Atom's price has been in a downtrend from the $8.50 range and has now corrected to the crucial weekly support level at $4. Currently, the price is trading around $4.

In the long-term timeframe, maintaining the $4 level is crucial. The price has reacted to this important support, and if it consolidates here with confirmation on lower timeframes, we could expect a potential rebound with positive fluctuations toward the $5 and $6.50 levels.
If positive momentum develops, we should watch how the price reacts to the $6.50 level. To continue the bullish trend and reach the target supply zone of $7 to $8, breaking the $6.50 level is necessary.

On the other hand, if the $4 level breaks and the price stabilizes below it, the likelihood of further correction increases, with potential downside targets of $3.20 to $2.30.

🔶The chart is in logarithmic scale.

This analysis is my personal viewpoint and not financial advice. If you found this helpful, please like and comment – I’d love to hear your thoughts! Happy trading! ✌😊