ATOM obstacles ahead

Having received over a 200% bounce of the it's previous floor, going from $5.54 in June 2022 to its top at almost $17.00 in September 2022, ATOM's price action has been bleeding out for over a year. From its past high last September, ATOM continues to make lower highs and lower lows. I think it is safe to say that ATOM faces many obstacles ahead with appreciating price action considering the fundamental issues regarding the greater crypto landscape and having recently been rejected off the 50 SMA using the daily time frame along with failing to break through ATOM's current trend line of resistance which has been holding strong since January.

A small positive is that the selling pressure represented on the lower section of the cart looks to be be weaker and weaker over the long term but that needs to be accompanied by buying pressure... so take that with a grain of salt.

The tech is GREAT and in that regards I am extremely bullish when it comes to the Cosmos ecosystem, just not so much the ATOM chart.

Happy trading and be safe !