ATOM Price Drops: $4 Support Tested
ATOM Price Slumps 4%, Tests $4 Support
Cosmos' ATOM token experienced a 4% drop in the past 24 hours, halting Thursday's brief crypto market rally. Reduced market volatility on Friday, partly due to the US Independence Day holiday, did little to stem the decline.
Bitcoin's attempt to reach a new high on Thursday, falling from $111,000 to $108,000, influenced ATOM's downturn, as many altcoins followed suit.
Technical Analysis
- ATOM-USD fell $0.17 (3.95%) between July 3rd, 3 PM and July 4th, 2 PM, dropping from $4.22 to $4.06.
- The asset entered a clear downtrend after failing to hold support at $4.17, with significant selling pressure at the $4.09 level.
- Trading volume spiked to 588,338 units at 7:00 AM on July 4th – considerably higher than the 24-hour average.
- Repeated attempts to find support near $4.07 failed, suggesting continued bearish momentum.
- Between 1:06 PM and 2:05 PM on July 4th, ATOM-USD decreased by $0.03 (0.61%), falling from $4.09 to $4.06.
- A brief recovery to $4.07 at 1:53 PM was short-lived as selling pressure resumed.
- Lower highs and lower lows indicate a sustained bearish trend approaching the key $4.00 support level.
CD20 Index Dips 2%, Reflecting Market Sentiment
The CD20 index also experienced a bearish trend over the same 24-hour period, falling from $1,803.70 to $1,765.27 – a $38.43 (2.13%) drop. The $38.84 (2.15%) range highlights persistent selling pressure, with accelerated downward momentum in the final hours, reaching a low of $1,764.86 at 2 PM, indicating deteriorating market sentiment despite brief periods of consolidation around $1,780.
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