ATOM Declines 4% as Crypto Rally Loses Steam; CD20 Index Slides on Market Uncertainty
Cosmos’ native token, ATOM, has slipped 4% over the past 24 hours, reflecting the cooling of Thursday’s fleeting crypto rally as markets turned subdued on Friday.
Trading volumes were muted in part due to the U.S. Independence Day holiday, which kept overall volatility lower than usual.
Bitcoin came close to reaching a fresh all-time high on Thursday, hitting nearly $111,000 before retreating to $108,000. That pullback rippled through the market, dragging down altcoins like ATOM.
Technical Breakdown: ATOM-USD
- ATOM-USD fell $0.17 (3.95%) from $4.22 to $4.06 between 3 PM on July 3 and 2 PM on July 4.
- The token entered a clear downward trend after failing to sustain support at $4.17, encountering heavy selling pressure around $4.09.
- Trading volume surged to 588,338 units at 7 AM on July 4, well above its 24-hour average, signaling intense selling activity.
- Attempts to stabilize near $4.07 repeatedly failed, pointing to persistent bearish sentiment.
- Between 1:06 PM and 2:05 PM on July 4, ATOM-USD dropped another $0.03 (0.61%), sliding from $4.09 to $4.06.
- A brief rally attempt around 1:53 PM lifted prices to $4.07, but buying interest quickly faded as sellers returned.
- The formation of lower highs and lower lows underscores continued bearish momentum, with ATOM inching closer to testing the critical $4.00 support level.
CD20 Index Drops Over 2%
The CD20 index, which tracks a basket of leading digital assets, also declined during the same period, falling from $1,803.70 to $1,765.27—a decrease of $38.43, or 2.13%.
Throughout the session, the index fluctuated within a range of $38.84 (2.15%), highlighting steady selling pressure. The index hit a low of $1,764.86 by 2 PM. Although there were brief attempts to stabilize around $1,780, overall market sentiment remained cautious, suggesting broader weakness across the crypto space.
