The token $ATOM associated with the Cos,mos H,ub has seen a sharp decline over the past 24 hours, dropping from $5.08 to $4.82 as institutional participants intensified liquidation activity. This decrease of 5.1% was accompanied by a rise in trading volume, peaking at 7.73 million tokens traded during an intensive sell-off between 09:00 and 14:00 GMT on July 23.
This sharp move has reinforced resistance around the $5.07-$5.13 range, while accumulation interest has appeared in the $4.78-$4.88 area, providing temporary support. However, ongoing breakdowns below the $5.00 threshold have highlighted continuous distribution pressure that may challenge recovery attempts without sustainable buying momentum.
During the last hour of trading on July 23, $ATOM experienced notable volatility. The price dropped from $4.90 to a session low of $4.78 before rebounding to $4.81. This recovery, despite its significance, came with a decrease in volume - which may indicate exhaustion among buyers in the short term.
The Ak,ash (AKT) network, another Cosmos-based project, continues to show strength in long-term projections, with a potential target of $6.19 by 2025, contrasting with the current technical fragility of ATOM.
Key Technical Analysis Points
24-Hour Movement: $ATOM decreased by 5.1% from $5.08 to $4.82 with a total range of $0.35 (6.8%).
Liquidation Peak: The period from 09:00 to 14:00 GMT on July 23 saw volumes rise to 7.73 million, significantly above the average of 1.11 million.
Critical Support: The $4.78-$4.88 area shows accumulation on high volume.
Medium Resistance: The $4.98-$5.00 level faced multiple rejections.
Institutional Pressure: Continuous breakdowns below $5.00 indicate distribution activity.
Daily Volatility: The period from 13:10 to 14:09 GMT on July 23 saw a sharp decline from $4.90 to $4.78, followed by a rebound to $4.81.
Weak Rebound: The recovery to $4.81 occurred with a decrease in volume, indicating potential exhaustion.
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