The impact of conflict in the middle east appears to be waning with ATOM forming a clear bottoming pattern around the $4.01-$4.05 support zone before breaking through resistance levels with strong volume.
Technical Indicators
- ATOM formed a clear bottoming pattern around the $4.01-$4.05 support zone during the 20:00 hour on June 15, with above-average volume confirming strong buyer interest.
- The recovery gained significant momentum during the 05:00-07:00 hours on June 16, breaking through the $4.18 resistance level with sustained high volume.
- Price established a new uptrend channel with higher lows and higher highs, suggesting continued bullish momentum.
- During the last hour, ATOM climbed from $4.244 to $4.274, representing a 0.7% gain.
- Price action formed a clear ascending channel with higher lows at $4.238, $4.249, and $4.262, confirming the bullish momentum.
- A significant volume spike occurred at 14:02, when price broke through the $4.265 resistance level with over 32,000 units traded.
- ATOM established a new local high at $4.274 before consolidating, confirming the continuation of the broader recovery trend.