ATOM Shows Resilience After 6% Price Swing in Trading Session
ATOM experienced significant volatility from August 10 at 15:00 to August 11 at 14:00, fluctuating 6.20% between $4.77 and $4.48. Key movements include:
- Early rally on August 11, rising from $4.66 to $4.75 with a trading volume of 1.465 million units, establishing support near $4.69.
- Heavy selling at 07:00 pushed ATOM down to $4.48 on 1.984 million units traded, creating resistance around $4.71.
- Late-session recovery from 13:07 to 14:06, gaining 1.68% from $4.49 to $4.56 as buyers overcame resistance at $4.50 and $4.53.
- Support solidified at $4.54 due to increased trading activity, including a spike of 60,000 units.
Market sentiment improved after Coinbase announced support for dYdX (COSMOSDYDX), enhancing confidence in Cosmos-based projects. The trading activity reflects the balance between institutional profit-taking and opportunistic buying, indicating potential upside for ATOM as the Cosmos network expands.
Technical Indicators Highlight Key Levels
- Trading range of $0.29 representing 6% volatility between $4.77 maximum and $4.48 minimum levels.
- Volume support established around $4.69 with 1.465 million units during early session rally.
- Volume resistance created near $4.71 with 1.984 million units during institutional selling.
- New support level established at $4.54 following recovery momentum and buyer interest.
- Multiple resistance levels broken at $4.50 and $4.53 during late-session institutional buying.