VIP MARKET UPDATE: $ATOM
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$ATOM is trading around the 1.730 area after a sharp rejection from the 1.840 highs that has brought price all the way back down to retest the ascending trendline that has been supporting the structure since late March. This is a pivotal moment, as the trendline and the 1.720 horizontal support are now converging right at current price, making this one of the most important levels on the chart.
As long as ATOM holds this confluence zone, there is still a case for the bulls, but the speed and aggression of this pullback from the highs is concerning. A clean loss of the trendline on a closing basis would shift the structure bearish and open the door toward the 1.650 area and potentially lower. Only a strong reclaim of the 1.780 area would ease the immediate pressure.
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