ATOM Falls 3.7% Amid Increased Selling Pressure
ATOM decreased by 3.7% on July 30, closing at $4.427 after dropping from $4.60 to $4.43. The sharpest decline occurred between 10:00 and 11:00 GMT, with a price drop from $4.48 to $4.39 and trading volume reaching 2.71 million, nearly triple the daily average. This highlights seller dominance and the failure of support levels.
In the final trading hour, ATOM fluctuated between $4.405 and $4.438. A significant selloff at 13:23 GMT brought the price to session lows amid 56,962 units traded. Resistance is noted at $4.438, with support being tested around $4.405.
Despite positive developments in the Cosmos ecosystem, including reaching 100 live chains and progress on XRP integration, market focus remains on technical weakness, indicating continued downward pressure.
Technical Indicators
- Support at $4.39 confirmed by high volume, secondary support at $4.50.
- Resistance at $4.62-$4.65 from early session highs.
- Potential for deeper losses toward $4.30-$4.35 as support levels fail.
- Hourly resistance at $4.44, with temporary support at $4.41.