Atom, the native token of the Cosmos network, tumbled 5% over the last 24 hours when Bitcoin regained momentum and withdrew the market’s attention to large CAP assets. The move comes after last week’s “Altcoin season”, where the atom and other mid-cap tokens surpassed BTC in a broad rally.
Atom fell from $ 5.26 to $ 4.98 between July 21 at 1 p.m. 11:00 and 22 July at. 10am UTC, and stood heavy resistance to $ 5.32 in the course of 15:00 trading lesson. Trade volumes rose to 1.79 million units before 16:00 when sellers overwhelmed, buy orders, leading to a clear technical breakdown.
The token stabilized briefly for $ 4.97 overnight, with renewed purchase interest pushed atom into a narrow $ 4.95- $ 5.05 consolidation area. A modest rejection experienced the prices 0.4% from $ 4.97 to $ 4.99 per hour ending 10:06 UTC, although dealers remain cautious in terms of subsequent momentum.
This week’s price action emphasizes a shift in market focus back to Bitcoin, which itches back winnings after Altcoin’s dominated headlines last week.
Key technical indicators
- Price Action: Atom fell 5% from $ 5.26 to $ 4.98 in 23 hours.
- Resistance Zone: Heavy Sales to $ 5.25- $ 5.32 Limited Up -Open Movements.
- Support zone: stabilized cards to $ 4.93- $ 4.97 before small rebound.
- Volume spikes: 1.79 m units traded during 16:00 Salgoff; 1.55 m units on support test for $ 4.97.
- Consolidation area: Prices are hovering in a tight $ 4.95- $ 5.05 tape.
- Recovering Signs: Higher low formation from $ 4.93 to $ 4.98 suggests possible accumulation.
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