Cosmos’ token ATOM mirrored the broader crypto downturn on Tuesday, sliding from $4.65 to $4.56 as Bitcoin pulled back sharply from highs near $123,000 to about $117,000.
Despite the decline, ATOM showed signs of potential stabilization, bouncing from $4.52 to $4.58 around 13:00 UTC amid heightened trading volumes. The $4.50 level has emerged as a key psychological support zone that traders are closely monitoring.
Technical Recap
- 24-Hour Performance (July 14 15:00 – July 15 14:00):
ATOM fell 2%, trading in a range of $0.22 (roughly 5%) between highs and lows. - Overnight Weakness:
Heavy selling drove the token to a low of $4.43 at 03:00 UTC, before it found some support between $4.47 and $4.50. - Volume Activity:
Volumes surged above the 24-hour average of 854,000 units, signaling possible institutional interest during both the drop and the recovery. - Short-Term Rebound:
A recovery from $4.52 to $4.58 during the 13:00 hour was accompanied by strong volume, suggesting buyers are defending critical support levels. - Intraday Fluctuations:
Between 13:08 and 14:07 UTC, ATOM saw significant volatility, swinging between $4.58 and $4.52 without net price change for the hour. - Weak Close:
Momentum faded in the session’s final minutes, as ATOM retreated from its highs and recorded no volume in the last three minutes, signaling trader uncertainty.
Outlook:
ATOM’s short-term trend depends on whether it can maintain support around $4.50. While increased volumes hint at buyer interest, the weak close suggests caution remains. A firm move above recent highs could restore bullish sentiment.
