ATOM Stabilizes at $4.20 Support as Bitcoin Dominates Market Momentum

Altcoins paused their upward momentum on Thursday as bitcoin and ether surged, aiming to break new all-time highs and drawing much of the market’s spotlight.

The influx of billions into short positions during bitcoin’s ascent left other tokens, including ATOM, consolidating rather than making strong moves. ATOM managed to maintain support around $4.20 throughout the trading session.

Historically, when bitcoin rallies strongly, altcoins tend to trade sideways, with their bigger price swings often coming once bitcoin slows down and consolidates. This suggests ATOM could experience renewed volatility when bitcoin’s momentum eventually eases.

ATOM Technical Performance

• Over the 24-hour window from 2 July at 16:00 to 3 July at 15:00, ATOM-USD traded between $4.09 and $4.26, spanning a 4% range.
• Solid support levels were noted between $4.16 and $4.17, with significant buying activity recorded at $4.20 around 13:00 on 3 July.
• Although ATOM touched $4.26 shortly after 07:00, it struggled to hold above resistance at $4.25.
• Between 14:24 and 15:23, ATOM slipped from $4.24 to $4.21—a drop of 0.73%.
• A quick sell-off occurred from 15:03 to 15:07, pushing the price to a session low of $4.19 before a minor rebound.
• By the final 15 minutes of trading, ATOM was steady around $4.21, hinting at a balanced market for the time being.

CD20 Index Records Gains Before Cooling Off

• During the same timeframe, the CD20 index showed notable swings, climbing to $1,811.11 before sliding back to $1,793.55, a movement equal to 2% or $37.27.
• After briefly dipping to around $1,780 early in the session, the index rallied through the morning of 3 July. However, sellers stepped in during the last trading hour, erasing part of the day’s gains.