Falling wedge playing out COINBASE:ATOMUSD
Since February a falling wedge has appeared in the ATOM price. It is contained inside a neutral wedge, so it could have been both. Since yesterday the falling wedge becomes more clear. Volume is also declining, which is why the falling wedge could be considered bullish.
ATOM moves with in an upward channel still, which is invalidated when the price goes below $10.18. So far it's fine.
RSI indicates a slight rise, while prices are falling on the daily chart. This could be considered a bullish divergence.
ATOM has a strong community, and recent developments (Neutron, Stride) is not priced in imho.
The current economic situation makes me nervous and ATOM is not having a lot of press coverage at the moment. For that reason I remain cautious and would expect a furth drop to $10.18 first before a recovery to $14 would be possible.
No financial advice.
