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Trading signals for #ATOMUSDT → Price is strengthening. Resistance retest is formed

2023-05-12 11:07 CRYPTO forecast

ATOM on the background of falling red BTC looks very good. A bullish reaction is formed on a false breakdown of the uptrend support.

The price forms a bearish wedge, the end of which is formed at the base of the uptrend, hence, the price at the breakdown of the wedge resistance will open the potential for growth to 18.00.

The moving averages are acting as resistance at the moment, but the price overcomes the important liquidity zone at 11.00. If the bulls keep the price above the 11.00 area, there might be more chances for breaking through the resistance, and if they do, we might see a good rally soon.

Strong support: 11.00, upward channel support, bearish wedge support.

Strong resistance: 11.306, downward wedge resistance

At the moment the chart shows us some bullish interest on the part of the buyer. The price is preceeding the local levels and continues to strengthen. If the bulls hold the 11.00 area, then on the nearest retest, the price might break the resistance and starts to form an upside to 13.450

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