• Why has ATOM increased by almost 12% in the previous 24 hours?

  • ATOM is currently one of the top 30 cryptocurrencies by market capitalization.

    ATOM, the native coin of the Cosmos ecosystem, is currently one of the top 30 cryptocurrencies by market cap. Today, the coin has gained more than 12% in value, surpassing the broader crypto market.

    Following a sluggish start to the week, the cryptocurrency market is steadily recovering today. After losing more than 3% of its value yesterday, the cryptocurrency market has gained about 2% today.

    The strong performance has lifted the whole cryptocurrency market worth back beyond $1 trillion.

    Bitcoin is still trading above the $21,000 mark and could rise further today after adding more than 1% to its value. Ether is soaring above $1,600 after breaking above the psychological $1,500 threshold yesterday.

    However, among the top 30 cryptocurrencies by market cap, ATOM is the second-best performer (only behind Bitcoin Cash).

    There is no catalyst driving ATOM’s current rebound, which could simply represent a recovery from its recent price drop. Despite gaining more than 12% today, ATOM is down 1% in the last seven days.

    Levels to keep an eye on

    Cosmos has performed strongly over the last 24 hours, therefore the ATOM/USD 4-hour chart has turned bullish.

    The MACD line recently passed into the positive zone, indicating that ATOM is no longer bearish.

    If the positive momentum continues, the 14-day relative strength index of 60 indicates that ATOM may approach the overbought zone.

    ATOM is now trading at $11.52 as of this writing. If the upward trend continues, ATOM could break through the first major resistance mark at $12.271 by the end of the day.

    However, ATOM would require market assistance to break beyond the $13.60 barrier for the first time since May.

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