ATOM Forming Pennant, Will it Make or Break

This bearish daily chart shows that the price of ATOM has decreased since last month. If this price decrease continues, ATOM could break the $5.939 support level and move lower to $4, the bearish signal for 2023.

Presently, ATOM is on a bearish trend as indicated in the recent downtrend. Since the 200-MA is above the 50-MA, we can deduce that the price is bearish for long-term investors.

But if ATOM broke out of its pennant and rise higher, it can reach up to its resistance level. However, it broke the lower trendline, and a possible reach to its support can be seen.

Resistance: $14
Support: $6