ATOM Token Recovers After Drop, Supported by Increased Trading Volume
Cosmos' ATOM token experienced a rapid recovery between August 5 at 15:00 UTC and August 6 at 14:00 UTC. Key points include:
- Price fell from $4.236 to $4.133 in one hour on August 6, then rebounded to $4.235 by 05:00.
- Trading volume surged to 1,046,473 units, valued at approximately $4.38 million, exceeding the 24-hour average of 708,926 units.
- Support at $4.149 was maintained, with a final rise from $4.178 to $4.206, marking a 0.67% increase with a volume spike to 59,513 units (about $250,000) at 14:02 UTC.
- Coinbase's addition of COSMOSDYDX to its listing roadmap indicated increased institutional interest in the Cosmos SDK ecosystem.
- Overall market sentiment improved, suggesting building momentum within the Cosmos ecosystem despite broader crypto market volatility.
Technical indicators:
- ATOM fluctuated within a $0.12 range (3%) during the 23-hour period.
- Price dropped from $4.24 to $4.13 between 03:00-04:00 on August 6, recovering to $4.24 at 05:00.
- Volume peaked at 1,046,473 units, with significant support around $4.15.
- Bullish momentum was observed in the last hour, with a price rise driven from $4.18 to $4.21.
- Breakout confirmed above $4.20 resistance level on high volume spikes.