Cosmos Hub’s Atom -Token suffered a steep decline over the last 24 hours and fell from $ 5.08 to $ 4.82 as institutional participants intensified liquidation activity. The 5.1% drop was accompanied by an increase in trading volume, with a top of 7.73 million tokens changing hands during a particularly heavy sale between 09:00 and 14:00 UTC on July 23.
The sharp movement reinforced resistance around the $ 5.07- $ 5.13 series, while the accumulation interest appeared in the $ 4.78- $ 4.88 zone, providing tentative support. However, sustained collapse under the threshold of $ 5.00 highlighted ongoing distribution pressure that could challenge recovery attempts without a sustained moment of purchase.
During the last trade in trade on July 23, atom experienced pronounced volatility. The price tumbled from $ 4.90 to a session low of $ 4.78 before rebounded to $ 4.81. Although remarkable, this recovery came in declining volume-potentially signaling of exhaustion among short-lived buyers.
Akash Network (AKT), another Cosmos-based project, continues to show strength in long-term forecasts with a potential target of $ 6.19 in 2025 that contrasts atom’s current technical fragility.
Technical analysis highlights
- 24-hour movement: Atom fell 5.1% from $ 5.08 to $ 4.82 at a total range of $ 0.35 (6.8%).
- Peak Liquidation: July 23, 09: 00-14: 00 UTC Then the quantities wave to 7.73 m, well above the average of 1.11 m.
- Critical Support: $ 4.78- $ 4.88 zone showing accumulation on elevated volume.
- Middle Resistance: $ 4.98- $ 5.00 level faced several refusals.
- Institutional pressure: Sustained degradation under $ 5.00 signals distribution activity.
- Intraday Volatility: July 23, 13: 10-14: 09 UTC saw a sharp dip from $ 4.90 to $ 4.78, followed by a rebound for $ 4.81.
- Rebound weakness: Recovering to $ 4.81 occurred at falling volume, which suggested possible exhaustion.
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