Price Analysis and Forecast
The chart shows that ATOM has broken out of its range low, dropping to around $4. The RSI indicator supports this prediction, with a value of 32 at press time, indicating oversold conditions.
A breakout above the $3.60 mark could signal further gains to $4, the level it was trading at before the crash.
This was reflected in the rapid recovery above $3 fueled by capital inflows. The Money Flow Index (MFI) reading of 61 indicates inflows.
The reverse is also true, especially as some traders remain skeptical of the true value of altcoins. Restoring market confidence will require significant capital inflows and a return to previous capital allocation patterns.