ATOM (Cosmos) Potential Reversal from Long-Term Downtrend

Aug 3

#ATOM/USDT #Analysis
Description
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+ ATOM is currently trading near $5.05, slightly above the key support level of $4.46. The 21 EMA ($5.67) and 55 EMA ($9.00) are still above the current price, which may act as resistance levels if the price attempts to move higher. A successful break above these EMAs could further confirm the bullish reversal.
+ The chart highlights a strong support zone around $4.46
+ The RSI is currently at 32, indicating that ATOM is in the oversold territory and could be due for a bounce.
+ If ATOM holds above the $4.46 support level and breaks above the 21 EMA, we could see a rally towards the $14.65 resistance level. This would represent a significant potential gain of approximately 200% from the current price, making it a compelling setup for bullish traders.
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VectorAlgo Trade Details
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Entry Price: 4.464
Stop Loss: 3.128
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Target 1: 5.772
Target 2: 7.203
Target 3: 9.581
Target 4: 14.333
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Timeframe: 1W
Capital Risk: 1-2% of trading amount
Leverage: 5-10x
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Enhance, Trade, Grow
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Best Regards,
VectorAlgo