ATOM Rises 3.40% as Cosmos Ecosystem Gains Momentum
Technical Analysis Shows Strong Bullish Momentum
On August 7, ATOM experienced volatile trading between 13:06 and 14:05. The price increased from $4.41 to a peak of $4.43 at 13:40, then returned to $4.41. The net decline was 0.02%. Trading volume spiked to 37,187 units, pushing the price above the $4.42 resistance, with new resistance forming at $4.43. Selling pressure increased as volume diminished toward the session's end, leading to price consolidation around the $4.41 support level.
Key Market Movements and Economic Factors
- ATOM gained 3.40% from August 6, 15:00 to August 7, 14:00, breaking key resistance on high volume.
- Coinbase added the COSMOSDYDX token to its roadmap, announcing direct dYdX support on the native Cosmos network.
- Cronos (CRO) rose 76% over 30 days due to protocol upgrades and ETF speculation linked to Crypto.com.
Cosmos Ecosystem Gains Momentum Amid Market Shifts
The Cosmos ecosystem is strengthening as ATOM climbs from $4.26 to $4.41, accompanied by a surge in trading volume. Coinbase's integration of Cosmos projects, including dYdX, aligns with a broader market shift toward decentralized alternatives amid trade tensions and monetary policy uncertainty impacting traditional markets.
Technical Indicators Signal Continued Upside
- ATOM shows bullish momentum over 23 hours, rising from $4.26 to $4.41, with a 3.40% gain and a $0.18 range.
- Critical support established at $4.29, confirmed by high-volume retests.
- Resistance identified at $4.34 before a decisive break at 10:00, with volume reaching 1,695,921 units.
- Breakout above $4.34 backed by volume exceeding the 24-hour average of 674,298 units.
- Technical structure remains constructive, maintaining a higher lows pattern. Momentum indicators suggest further upside potential.
- Breakout targets the $4.43 Fibonacci extension level.