ATOM Stabilizes as Bitcoin Ventures Toward New Highs, Securing Support at $4.20

Key Takeaways:

As Bitcoin approaches record highs, altcoins like ATOM consolidate while maintaining crucial support at $4.20.
ATOM has stabilized near $4.21 following a significant selloff, potentially paving the way for future movement if Bitcoin cools.
The CD20 Index saw a 2% increase, reaching a peak of $1,811.11 before profit-taking occurred, reflecting temporary momentum in altcoins.

The altcoin market has taken a backseat as major cryptocurrencies like Bitcoin and Ethereum strive for new heights. Amidst billions of dollars flooding into short positions against Bitcoin nearing its previous records, altcoins like ATOM have begun finding a foothold at the $4.20 mark.

ATOM/USD (CoinDeskData)

Typically, when Bitcoin experiences a rally, price action in altcoins tends to be muted, and the reverse is generally true when Bitcoin is in consolidation. As such, ATOM may be set for an upturn once Bitcoin’s momentum begins to wane.

Technical Insights

During the 24-hour period from July 2, 16:00 to July 3, 15:00, ATOM-USD fluctuated between $4.09 and $4.26, showing a 4% movement.
Established support ranges between $4.16 and $4.17, with significant buying volume surfacing at $4.20 during peak trading hours on July 3.
Despite peaking at $4.26 in the morning, ATOM struggled to maintain momentum above $4.25.
In the final hour from July 3, 14:24 to 15:23, ATOM-USD dropped from $4.24 to $4.21, marking a decrease of 0.73%.
A sharp sell-off was noted between 15:03 and 15:07, hitting a session low of $4.19 before a recovery was attempted.
The last 15-minute segment indicated price stabilization around $4.21, suggesting potential short-term equilibrium.

CD20 Index Performance

In the last 24 hours from July 2, 16:00 to July 3, 15:00, the CD20 Index displayed notable volatility, hitting a peak of $1,811.11 prior to retreating to $1,793.55, achieving an overall range of $37.27 (2%).
After solidifying support at $1,780 in the early hours, the index experienced robust gains, particularly from 09:00 to 14:00, before facing profit-taking in the concluding hour.