Atrium Price Analysis: A Study of Price Supports and Resistances
Atrium’s recent bearish correction was accompanied by a fall below $ 2,800. The market is currently recovering from last week’s levels; But the $ 2,800 level has now become a tough resistance.
To Report Atrium’s most recent bearish correction since the beginning of the week began with the breaking of $ 2,880 support. Following the break, support at $ 2,750 and the 100-hour moving average (SMA) were lost and the overall market trend continued to decline.
The price even fell below $ 2,640 at some point and reached $ 2,575 at the lowest level. An uptrend has already begun in the market, with Atrium slightly above $ 2,640. The recent bullish correction we are talking about was the breaking of the $ 2,650 resistance line on the chart.
Atrium is currently above the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are adjusted based on the downward movement of the price from $ 3,188 to the floor of $ 2,575.
As the market rises, the closest resistance to the price is at $ 2,755, followed shortly by $ 2,800, and the simple 100-hour moving average acts as the key Atrium resistance. Crossing and closing the $ 2,800 high candlestick could pave the way for a jump to $ 2,880. Add to this the fact that the 50% Fibonacci level of resistance has formed near this level.
Buyers’ success in crossing the $ 2,880 mark could spark an ongoing uptrend. Buyers will then try to cross the $ 3,000 level, which is a significant resistance.
On the other hand, if Atrium fails to reach levels above $ 2,800, another bearish correction may begin in the market. As the market declines, the nearest price support is at $ 2,710.
The $ 2,650 then acts as a key support for the price, and breaking it would be a warning for a deeper fall. The next key support is in the range of $ 2,580. A fall below this level could also lead to a fall in the $ 2,450 area in the short term.
The MACD is entering the uptrend and the Relative Strength Index (RSI) is above the 50 level.
As mentioned, $ 2,650 is a key support for Atrium, and $ 2,800 acts as price resistance.