Cosmos Token ATOM Climbs 4% Amid Institutional Interest but Faces Late-Hour Drop
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Cosmos Token ATOM Climbs 4% Amid Institutional Interest but Faces Late-Hour Drop

The Cosmos token ATOM experienced a surge in value due to institutional demand but faced a significant selloff towards the end of the trading session.

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Summary

On August 8, ATOM, the token of the Cosmos ecosystem, surged 4% to $4.55.

Key Insights

  • The rise was driven by significant volume generated through institutional buying following Coinbase’s support for dYdX on its platform.
  • In the final trading hour, the price reversed from a high of $4.60 to $4.56 as market momentum waned, leading to a reduction in volume.
  • Traders are now watching the critical support level at $4.55 and the emerging resistance zone around $4.58–$4.60, indicating the need for renewed buying interest.

Technical Breakdown

  • ATOM showed a trading range from $4.32 to $4.67 during the day.
  • The breakthrough occurred at 1 PM UTC, with exceptional volume confirming the resistance break.
  • In the last hour, ATOM faced heavy selling, marking the end of a volatile day.
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