Cosmos’ ATOM token faced downward pressure on Tuesday, dropping from $4.65 to $4.56 as broader crypto markets pulled back, with Bitcoin sliding from recent highs near $123,000 to around $117,000.
Despite the decline, ATOM showed signs of resilience. A bounce from $4.52 to $4.58 around 13:00 UTC, driven by increased trading activity, indicates that the token may be trying to establish support above the $4.50 psychological level.
Technical Snapshot
- 24-Hour Performance (July 14 15:00 – July 15 14:00):
ATOM dropped 2%, trading within a range of $0.22 (about 5%). - Overnight Selling:
The token fell sharply to a low of $4.43 at 03:00 UTC, before finding support between $4.47 and $4.50. - Active Volumes:
Trading volumes exceeded the daily average of 854,000 units, suggesting potential institutional activity during both the decline and the subsequent rebound. - Intraday Recovery:
A rebound from $4.52 to $4.58 during the 13:00 hour came with strong volumes, hinting that bulls may be stepping in to defend key support levels. - Short-Term Volatility:
From 13:08 to 14:07 UTC, ATOM traded between highs of $4.58 and lows of $4.52, ending the hour flat despite significant intraday swings. - Weak Closing Signals:
ATOM slipped back from its session highs late in trading, with no volume recorded in the final three minutes, suggesting uncertainty among market participants.
Outlook:
ATOM’s ability to hold above $4.50 will be crucial in determining its short-term trend. While increased trading activity points to potential accumulation, the loss of momentum toward the close signals caution. A firm move above recent highs could pave the way for renewed bullish momentum.
