Cosmos’ ATOM token displayed market resilience on Tuesday, holding firm above the $4.00 level of support as it looks towards a bullish break out.
The wider market is experiencing a boost in positive sentiment, notably led by a wrath of public companies that are adopting bitcoin as a treasury asset.
The altcoin market has remained rather muted during this cycle, although if bitcoin forms a new record high and begins to consolidate, altcoins like ATOM would be positioned to benefit from a long-await “altcoin season.”
Technical analysis
- Sophisticated buyer interest confirmed at $4.00 psychological level with volume of 471,851 units exceeding established institutional trading averages.
- Algorithmic selling pressure materialized near $4.113 on elevated volume of 799,835 units during final trading hours.
- Exceptional institutional activity at 13:44 with 113,169 units triggering systematic buying programs from $4.099 to $4.107.
- $0.12 trading bandwidth between $3.997 and $4.113 representing 3% of total price movement within professional risk management parameters.
- Settlement around $4.097 following systematic advance to session high of $4.113.
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