ATOM price rises by 8% with confirmation of institutional volume for price breakout
The ATOM cryptocurrency experienced an increase of 8% from $4.49 to $4.84 between 11:00 on August 12 and 10:00 on August 13, supported by a trading volume exceeding two million units, indicating strong institutional interest. The key resistance level at $4.78 was broken, with bullish momentum confirmed by increased volume at critical turning points.
Key points:
- The price peaked at $4.85 before slightly retreating to $4.83.
- Strong support at $4.65 enhances the likelihood of continued upward movement towards the $4.90 - $5.00 range.
- Increased volume at key levels (such as 47,638 units and 59,892 units) confirms ongoing institutional participation.
- Bitcoin dominance fell below 60% for the first time since January, supporting the strength of alternatives (altcoins), but it may retreat if Bitcoin exceeds $124,000.
Key technical indicators:
- Daily trading range of $0.38 (8.52%).
- Successful test of resistance at $4.85 with confirmation of large volume.
- Acceleration of bullish momentum in the last hours with trading volumes exceeding the daily average (1,148,473 units).
Summary:
With the bullish momentum continuing and large volumes confirmed, ATOM appears to be on an upward path towards $5.00, despite the likelihood of short consolidation phases.