based on the aligned analyst theory and ATOM's daily chart

Is Analyst Bullish On Daily Chart of ATOM Price?

Despite the lack of lustrous movement in ATOM, many analysts are positive. One such analyst, CryptoTony, eagerly awaits its price drop towards his buying level and accumulates this asset into his possession.

x.com/CryptoTony__/status/1833064802349989897

Since the fall from ATH, the price has ended up at multi-year support of $6.5, which has defended its price from bears time-over-time.

Correspondingly, from the last quarter of 2023 and the first quarter of 2024. ATOM price developed an ascending wedge pattern, after trying hard to rise.

However, the bearish downward pressure accelerated, which began from a YTD high of $14.505 achieved in the first quarter of 2024. This led to the failure of the long-sustained multi-year support of $6.5 in the third quarter of 2024. Similarly, the price has come down to the last month of the third quarter and showed no turning back signs.

based on the aligned analyst theory and ATOM's daily chart, in the short term, the bearishness seems to continue toward the $2.5 support. This level seems pretty close to the analyst buying level.

Therefore, the ATOM has experienced a sustained downtrend. Which, again, looked like a pattern under construction, precisely, a falling wedge pattern on the daily chart. If the support is followed by major bulls' interest from the wedge's lower boundary. The ATOM price propulsion could attain a breakout with targets at $6 and $9, respectively.

However, on the continuation in the downside, the support mandate to be monitored would be the $2.5 demand zone.