ATOM Plunges Below $4 as Selling Pressure Intensifies
Global trade tensions and shifting monetary policies continue to influence cryptocurrency markets, with ATOM showing notable volatility in recent trading.
During the 24-hour period from 30 June 15:00 to 1 July 14:00, ATOM-USD traded within a 5.1% range, facing consistent selling pressure despite a late recovery attempt with increasing buy volume.
The cryptocurrency briefly dipped below $4.00 before showing signs of short-term bullish momentum in the final trading hour.
Technical Analysis: ATOM's Price Action
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ATOM-USD exhibited significant volatility with an overall range of $0.207 (5.1%) during the 24-hour period from 30 June 15:00 to 1 July 14:00. •
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Price formed a clear resistance zone around $4.16-$4.18 with above-average volume (804K) during the 19:00 hour.
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Support at $4.04 broke with heavy volume (562K) at 04:00, pushing ATOM below the psychological $4.00 level.
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Despite a late recovery attempt with increasing buy volume in the final hours, ATOM remains vulnerable with immediate resistance at $4.02 and support at $3.98.
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In the last 60 minutes from 1 July 13:06 to 14:05, ATOM-USD demonstrated bullish momentum, rising from $4.004 to $4.024 (0.5% gain).
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Price action formed a clear uptrend with increasing volume (44.9K) during the 13:44 hour.
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Local high of $4.032 established at 13:53, creating new resistance at $4.03 while maintaining support at $4.02.
The sudden plunge of ATOM below $4 marks a significant escalation in the selling pressure within crypto markets, signaling uncertainty and potentially pointing towards further adjustments for this renowned decentralized exchange token.
This sudden dip in ATOM's price below the $4 mark is a clear indication of intensified selling pressure on crypto markets, likely driven by investors reevaluating risk amid global uncertainty.
