ATOM, the native token of the Cosmos network, tumbled 5% in the past 24 hours as Bitcoin regained momentum, pulling market attention back to large-cap assets. The move comes after last week’s “altcoin season,” where ATOM and other mid-cap tokens outperformed BTC in a broad rally.
ATOM fell from $5.26 to $4.98 between July 21 at 11:00 and July 22 at 10:00 UTC, facing heavy resistance at $5.32 during the 15:00 trading hour. Trading volumes spiked to 1.79 million units by 16:00 as sellers overwhelmed buy orders, leading to a clear technical breakdown.
The token briefly stabilized near $4.97 overnight, where renewed buying interest pushed ATOM into a narrow $4.95–$5.05 consolidation range. A modest bounce saw prices recover 0.4% from $4.97 to $4.99 in the hour ending 10:06 UTC, though traders remain cautious about follow-through momentum.
This week’s price action underscores a shift in market focus back to Bitcoin, which is clawing back gains after altcoins dominated headlines last week.
Key Technical Indicators
- Price Action: ATOM fell 5% from $5.26 to $4.98 in 23 hours.
- Resistance Zone: Heavy selling at $5.25–$5.32 capped upside moves.
- Support Zone: Stabilized briefly at $4.93–$4.97 before small rebound.
- Volume Spikes: 1.79M units traded during 16:00 selloff; 1.55M units on support test at $4.97.
- Consolidation Range: Prices hovering in a tight $4.95–$5.05 band.
- Recovery Signs: Higher low formation from $4.93 to $4.98 suggests possible accumulation.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.