Cosmos’ ATOM Finds Support Near $4 as Traders Eye Recovery
Cosmos’ native token, ATOM, is showing resilience in the face of market turbulence, finding key support levels despite heightened geopolitical tensions in the Middle East.
After sliding to a low of $3.939 on June 18, ATOM staged a recovery, solidifying support around the $4.00 mark—a psychologically significant level for traders and technical analysts alike.
Technical Analysis Highlights
- Support Zone Established: ATOM bounced back from $3.939, creating a support zone between $3.994 and $4.000, signaling buying interest around these levels.
- Volatile Trading Range: Over the last 24 hours, the token traded within a $0.121 range—a swing of about 3.05%. A notable surge occurred around 20:00 UTC, pushing prices up by 2.16% on elevated trading volume and establishing resistance near $4.059.
- Trend Development: On the 4-hour chart, an ascending trendline has begun forming, suggesting cautious bullish sentiment. However, a retreat from $4.029 down to $3.998 late in the session shows traders remain wary amid ongoing macro uncertainty.
- Intraday Dip and Bounce: During Thursday’s session, ATOM dropped sharply from $4.026 to a low of $3.996 at 13:47 UTC, briefly falling below the $4.00 threshold. This decline was accompanied by a volume spike, with over 47,000 tokens traded in the drop.
- Quick Recovery: Despite the dip, ATOM swiftly reclaimed ground above $4.00 by 14:02 UTC, stabilizing around $4.001. This rebound indicates that accumulation may be occurring, with traders stepping in to buy dips.
Overall, while macroeconomic risks remain, Cosmos’ ATOM is maintaining critical technical levels, keeping traders on watch for a potential upside breakout if market conditions stabilize.
