6 hours ago
ATOM, the autochthonal token of the Cosmos network, tumbled 5% successful the past 24 hours arsenic Bitcoin regained momentum, pulling marketplace attraction backmost to large-cap assets. The determination comes aft past week’s “altcoin season,” wherever ATOM and different mid-cap tokens outperformed BTC successful a wide rally.
ATOM fell from $5.26 to $4.98 betwixt July 21 astatine 11:00 and July 22 astatine 10:00 UTC, facing dense absorption astatine $5.32 during the 15:00 trading hour. Trading volumes spiked to 1.79 cardinal units by 16:00 arsenic sellers overwhelmed bargain orders, starring to a wide method breakdown.
The token concisely stabilized adjacent $4.97 overnight, wherever renewed buying involvement pushed ATOM into a constrictive $4.95–$5.05 consolidation range. A humble bounce saw prices retrieve 0.4% from $4.97 to $4.99 successful the hr ending 10:06 UTC, though traders stay cautious astir follow-through momentum.
This week’s terms enactment underscores a displacement successful marketplace absorption backmost to Bitcoin, which is clawing backmost gains aft altcoins dominated headlines past week.
Key Technical Indicators
- Price Action: ATOM fell 5% from $5.26 to $4.98 successful 23 hours.
- Resistance Zone: Heavy selling astatine $5.25–$5.32 capped upside moves.
- Support Zone: Stabilized concisely astatine $4.93–$4.97 earlier tiny rebound.
- Volume Spikes: 1.79M units traded during 16:00 selloff; 1.55M units connected enactment trial astatine $4.97.
- Consolidation Range: Prices hovering successful a choky $4.95–$5.05 band.
- Recovery Signs: Higher debased enactment from $4.93 to $4.98 suggests imaginable accumulation.
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