ATOM Tumbles 4% as Sellers Target Critical $4 Support Level
Cosmos' ATOM token slumped by 4% in the past 24 hours as Thursday's short-lived crypto rally came to a halt on Friday.
Market volatility has been lower on Friday, in part due to the nation July 4th holiday in the U.S.
Bitcoin attempted to form a new record high on Thursday but fell just short, sliding from $111,000 to $108,000, with the majority of altcoins like ATOM following its lead.
Technical analysis
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ATOM-USD experienced a notable decline of $0.17 (3.95%) during the 24-hour period from 3 July 15:00 to 4 July 14:00, with price dropping from $4.22 to $4.06.
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The asset established a clear downtrend after failing to maintain support at $4.17, with high-volume selling emerging at the $4.09 level.
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Volume spiked to 588,338 units during the 7:00 hour on July 4th—significantly above the 24-hour average.
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Multiple attempts to establish support near $4.07 have been rejected, suggesting continued bearish momentum.
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During the 60-minute period from 4 July 13:06 to 14:05, ATOM-USD declined by $0.03 (0.61%), dropping from $4.09 to $4.06.
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A brief recovery attempt occurred at 13:53 with price reaching $4.07, but momentum failed to sustain as sellers returned.
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The pattern of lower highs and lower lows confirms continuation of the broader bearish trend approaching the psychological $4.00 support level.
CD20 Index Plunges 2% as Crypto Market Sentiment Deteriorates
The CD20 index has experienced a notable bearish trend over the last 24 hours from 3 July 15:00 to 4 July 14:00, declining from $1,803.70 to $1,765.27, representing a substantial drop of $38.43 or 2.13%.
The overall range of $38.84 (2.15%) highlights persistent selling pressure, with particularly accelerated downward momentum in the final hours as the index reached its lowest point of $1,764.86 at 14:00, suggesting deteriorating market sentiment despite brief consolidation attempts around the $1,780 level.
ATOM's 4% decline highlights the sellers overriding sentiment with a critical test of $0.18 support level, pinning short-term hope on resilience and potential bottom rebound.
$4 support level remains crucial as ATOM's recent decline threatens to erase gains; traders must navigate the balance between buying dips and risk of further corrections.
The sudden 4% decline of ATOM tokens reflects sellers' relentless push towards the crucial $3.96 support level, testing whether this technical barrier can hold or initiate a further downtrend.
The 4% decline in ATOM's price action seems to signal a renewed interest among sellers, testing the crucial $4 support level. The cryptocurrency market appears cautionary amid such choppy waters.
In the ongoing market dynamics, ATOM's recent 4% decline reveals hesitancy at crucial $0.16支持水平，shedding light on operators’ cautious approach amidst constant reevaluation of price levels in a volatile crypto landscape."
This major downturn in ATOM suggests a sentimental shift among traders. The ongoing consolidation below the crucial $4 support level further highlights potential for deeper recession adjustments as sellers remain active, necessitating caution amidst these volatile market conditions."
While ATOM's decline of 4% sounds ominous, the current bout may present an opportunity for investors who believe in its long-term future to potentially scoop up discounted units at a crucial $4 support level.
The recent 4% decline in ATOM's price is a clear indication of sellers regaining their footing, particularly with critical $0.39 support level under threat.
The sudden plunge of ATOM by over 4% seemingly reflects rationalization in the market as investors reappraise critical support levels amidst a renewed focus on downside risks; potential factors to look out for include pending regulatory intricacies and wider crypto-market sentiment shifts.
ATOM's significant decline of 4% underscores the growing attention on maintaining support above $0.96, with sellers actively targeting this vital level.
