Key Updates:
- A developer previously linked to North Korea has raised security concerns, prompting an overhaul at Interchain Labs. Audits have confirmed that ATOM’s codebase is currently secure.
- Over the last 24 hours, ATOM’s price fell from $4.276 to $4.086, marking a 5.52% decline.
- The general market sentiment remains bearish, with lower price peaks appearing across various timeframes.
Market Overview:
The emergence of a North Korea-associated developer who contributed to the Cosmos project between 2022 and 2024 has led to tighter security protocols. This comes as major exchanges introduce more staking choices for ATOM investors, despite broader market pressures.
Currently, ATOM is priced at $4.086 after a decline of 5.52% over the past day.
Analysis:
- A notable sell-off was recorded between 10:00 PM and 11:00 PM on June 16, showing unusually high trading volume (over 1.4M transactions) and setting resistance at $4.29.
- Support was identified in the $4.06-$4.07 range amid rising trade volumes, suggesting potential stability.
- Despite the overall bearish trend, a slight price recovery occurred recently, with an increase from $4.077 to $4.084 (up by 0.17%).
- There was significant bullish momentum between 1:24 PM and 1:30 PM, pushing ATOM from $4.076 to $4.096 on high volume.
The final hourly close at $4.084 indicates that prices may stabilize above the $4.07 support line.
