Despite major milestones in the Cosmos ecosystem, ATOM plunged 4.51% to $4.66, struggling to sustain gains amid increased volatility and heavy selloffs. Traders remain cautious as resistance at $4.95 continues to block recovery attempts, while support at $4.56 appears fragile under persistent bearish momentum.
Cosmos Hits 100-Chain Milestone
The Cosmos network continues to grow steadily, recently surpassing 100 live blockchains on MapOfZones, marking a significant achievement in blockchain interoperability. Additionally, XRP integration via Cosmos SDK and IBC protocols has progressed, further expanding the ecosystem’s capabilities.
ShadeX has also launched as Cosmos’ first encrypted money market, built with CosmosSDK and CosmWasm to deliver institutional-grade privacy.
Yet, despite this strong ecosystem growth, ATOM’s price remains under pressure, revealing a disconnection between technical sentiment and development fundamentals.
ATOM Faces Resistance at $4.95, Support at $4.56
From a technical perspective, ATOM’s price declined from $4.88 to $4.66 within 24 hours ending July 29 at 11:00, facing intense resistance at the $4.95 level. Although buyers attempted to recover above $4.77, the effort was met with renewed selling, pushing prices down toward the $4.56 support zone.
Intraday volatility reached 7.58%, highlighting unstable market conditions.
A sharp selloff at 10:51 UTC triggered a 1.87% price drop within a single minute, accompanied by a volume spike of 193,762 units, signaling institutional-level selling activity.
Market Outlook: Bear Grip Continues
Trading activity peaked early, with 1.88 million units in opening volume, and tapered off during recovery attempts. While brief momentum reclaimed multiple resistance levels, sellers quickly regained control, keeping ATOM trapped below key technical levels.
A close near session lows reflects weak bullish conviction and signals more downside risk ahead.
For bullish sentiment to return, ATOM must hold $4.56 support and reclaim $4.77 with sustained volume. Otherwise, further downward movement toward $4.40 or lower remains likely in the near term.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.