ATOM/USDT is currently consolidating within a long-term descending structure, hovering just above a critical demand confluence between $3.42 and $4.10. This area marks the Immediate Demand Zone, where buyers have historically stepped in, and price action is once again testing its resilience after multiple touches.
A decisive breakout above the $5.47 resistance level, which aligns with the descending trendline from the macro highs, would validate a bullish reversal structure. This could open the path for a multi-leg rally targeting $11.36 in the medium term and $31.09 in the long term, corresponding with historical supply and Fibonacci extension zones.
However, failure to hold the current support zone could accelerate a move toward the deeper Extreme External Demand Zone between $2.15 and $2.590.
The current consolidation carries the potential for both structural reversal and final flush out, and we should closely monitor price behavior around $5.47 for confirmation of directional bias.
A decisive breakout above the $5.47 resistance level, which aligns with the descending trendline from the macro highs, would validate a bullish reversal structure. This could open the path for a multi-leg rally targeting $11.36 in the medium term and $31.09 in the long term, corresponding with historical supply and Fibonacci extension zones.
However, failure to hold the current support zone could accelerate a move toward the deeper Extreme External Demand Zone between $2.15 and $2.590.
The current consolidation carries the potential for both structural reversal and final flush out, and we should closely monitor price behavior around $5.47 for confirmation of directional bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.