Hey Cosmos Hodlers! 👋
ATOM is currently facing a crucial test as it approaches a major resistance zone on the 4-hour chart. This zone also coincides with the 200-period Exponential Moving Average (EMA), making it even more significant.
Plan A: Breakout to $9.50!
If ATOM can successfully break through this resistance zone with strong momentum, it could signal a bullish move towards the $9.50 level. This would be a great opportunity for traders looking to capitalize on the potential upside.
Plan B: Pullback to Lower Support
However, if ATOM fails to break through the resistance and shows signs of weakness, a pullback to lower support levels is possible. Traders should be prepared to adjust their strategies accordingly.
What to Watch Out For:
* Breakout Strength: Pay close attention to the volume and price action around the resistance zone. A strong breakout with high volume is a positive sign.
* Retest of Resistance: If ATOM breaks through the resistance but then pulls back to retest it, this could be a buying opportunity for aggressive traders.
* Signs of Weakness: Look for signs of weakness such as declining volume, bearish candlestick patterns, or a failure to hold above the resistance zone.
Remember: This is not financial advice. Always do your own research before making any investment decisions.
What's Your Take?
Do you think ATOM will break through the resistance and head towards $9.50, or will it pull back to lower support? Share your thoughts and strategies in the comments below! Let's make some money together! 💰
#ATOM #Cosmos #Crypto #Trading #Resistance #Breakout