ATOM Consolidates After Strong Rally, Testing Key Resistance

ATOM surged 3.90% over the past 24 hours, climbing from $4.20 to $4.36 peak before settling at $4.33. The range reflects strong momentum as bulls push through critical $4.31 resistance at 19:00 GMT on July 9.

Volume spiked 165% above the daily average, confirming bullish sentiment. Price now consolidates between $4.31-$4.35 as traders digest gains. Declining volume signals potential breakout preparation.

The price action comes amid a backdrop of optimism after bitcoin (BTC) rallied to a new record high on Thursday before consolidating lower.

Technical analysis highlights

• $4.31 resistance breaks on exceptional 1,974,095-unit volume surge.
• Healthy $4.31-$4.35 consolidation follows initial breakout momentum.
• $4.34 rejection in final hour confirms resistance ceiling, retreat to $4.32.
• Volume decline during consolidation suggests next directional move preparation.
• $4.31-$4.34 range trading expected as institutions reassess positioning.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.