Cosmos (ATOM) experienced a wild trading day, marked by a sharp intraday selloff that triggered a significant price drop. However, the token demonstrated strong resilience, with buyers quickly stepping in to establish a new support level.
What to know:
Massive Volatility: The token saw a sharp swing from $4.91 to a low of $4.49, with a trading volume spike of over 322% above average. This surge in activity indicates intense market action, including a period of intense selling pressure.
Strong Support: Despite the aggressive selloff, buyers successfully defended a critical price point, establishing a new support base near $4.60. This confirms renewed confidence and suggests that traders see this as a key level for future gains.
What's Next: The article you provided highlights that resistance remains at $4.91. Maintaining the $4.60 support is crucial for ATOM's next move. A successful break above the resistance could signal a new bullish trend, while a fall below support could trigger renewed downside pressure.
In summary, ATOM's recent price action shows that while it is subject to high volatility, there is strong underlying support that prevents a deeper decline, keeping the potential for a recovery alive.
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