ATOM Consolidates as Bitcoin Takes Driving Seat, Finds Support at $4.20
2025-07-03 16:43:35
Main Idea
ATOM's price consolidated while Bitcoin led the market, finding support at $4.20, with potential for a rally once Bitcoin's momentum slows.
Key Points
1. ATOM-USD traded within a range of $4.09 to $4.26, a 4% swing, during the 24-hour period from 2 July 16:00 to 3 July 15:00.
2. ATOM failed to sustain momentum above the $4.25 resistance level despite reaching a peak of $4.26.
3. In the last 60 minutes from 3 July 14:24 to 15:23, ATOM-USD declined from $4.24 to $4.21, a 0.73% decrease.
4. A sharp selloff occurred between 15:03-15:07, dropping to a session low of $4.19 before recovering.
Description
The altcoin market took a backseat on Thursday as crypto majors bitcoin and ether attempted to rally to new highs. As billions of dollars worth of liquidity flowed into shorting bitcoin on the brink of record highs, altcoins like ATOM consolidated, finding support at the $4.20 level. Typically when bitcoin rallies altcoin price action is muted and the inverse is true when bitcoin consolidates, so ATOM could be primed for a rally once bitcoin begins to cool off. Technical analysis ATOM-USD traded...
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