ATOM Climbs 3% as Market Eyes $4.04 Resistance Following Sharp Rebound
The crypto market remained largely subdued on Wednesday, with most tokens fluctuating within narrow price bands. However, Cosmos’ native token, ATOM, managed to shine, edging closer to the $4.00 mark and hinting at more gains ahead.
In the past 24 hours, ATOM has advanced by about 3%, carving out a strong V-shaped recovery between 15:00 UTC on July 1 and 14:00 UTC on July 2. This rebound underscores sustained investor interest, even as broader market sentiment stays cautious.
Key Technical Details:
- ATOM’s rally was fueled by notable buying pressure around $3.91 during the 01:00 UTC session on July 2, with trading volumes exceeding the 24-hour average of roughly 425,000 tokens.
- The price swung within a $0.13 range, reflecting a 3.24% move. Resistance has solidified near $4.04, which was repeatedly tested between 11:00 and 13:00 UTC on July 2. A confirmed breakout beyond this point could trigger additional gains.
- Between 13:06 and 14:05 UTC, ATOM-USD climbed from $4.02 to $4.03, representing a modest 0.32% uptick.
- Intraday charts show a cup-shaped pattern, with the price briefly dipping to $4.01 around 13:24 before regaining ground.
- A surge in trading activity was observed toward the session’s end, particularly between 13:58 and 13:59 UTC, where more than 33,000 tokens changed hands. This helped establish fresh support at $4.02.
- In the final minutes of the session, ATOM surpassed the $4.03 threshold, achieving three consecutive higher highs from 14:03 to 14:05 UTC, suggesting bullish momentum remains intact.
Despite the overall market’s lack of clear direction, ATOM’s price action indicates there’s potential for further upward movement if it can overcome the $4.04 barrier.
