coindesk.com
Geopolitical tensions in the Middle East are reshaping the cryptocurrency landscape as military actions between the US, Israel, and Iran create market uncertainty.
Despite the turbulence, $ATOM has shown remarkable stability, recovering from a sharp 5.83% decline to establish strong support zones.
Technical Analysis: $ATOM's Recovery Pattern
- $ATOM-USD experienced a notable recovery pattern over 24 hours, dropping from $3.77 to a low of $3.55 (5.83% decline) before rebounding to close at $3.77.
- A significant volume spike of over 6 million during the 15:00 hour established strong support around $3.64, while resistance emerged near $3.79.
- The price action formed a clear V-shaped recovery pattern with higher lows developing throughout the latter half of the period, suggesting renewed bullish momentum.
- In the last hour, $ATOM-USD continued its recovery momentum, surging from $3.76 to $3.77.
- A significant breakout occurred at 11:16 when prices jumped from $3.77 to $3.79, accompanied by the hour's highest volume spike of nearly 28,000 units.
- The price action formed a clear ascending channel with strong support at $3.76, while resistance emerged at $3.78 during the 11:17 period.