ATOM Drops 9% as Crypto Market Reacts to Middle East Conflict
The cryptocurrency ATOM has shown high volatility due to escalating tensions in the Middle East. Israel initiated a bombing campaign in Iran, triggering a market sell-off.
Key developments include:
- ATOM's price dropped 9.25% from $4.43 to a low of $4.02 but found support around $4.04 and stabilized near $4.08.
- Bitcoin surged 54% over the past year, reaching a $2.08T market cap, positioning itself as a safe haven alongside gold.
- Significant selling occurred between 19:00-00:00, with volume peaking at 2.8M during the 02:00 hour.
- A recovery attempt began at 03:00, stabilizing around $4.08, forming a support zone between $4.04-$4.07 confirmed by above-average volume.
- ATOM broke through the $4.08 resistance level at 13:31 with substantial volume (37,524), leading prices to $4.09.
- Trading volume peaked at 73,628 during the 14:00 candle, indicating strong buyer interest.
- A new support zone is established between $4.08-$4.09, suggesting a potential short-term bottom.