Cosmos (ATOM) Token Defies the Dip With Nearly 10% Gains

Bitcoin and the crypto market were hit by a price correction in response to the U.S. President Donald Trump's tariff announcements

The cryptocurrency market experienced a price correction in response to U.S. President Donald Trump’s tariff announcements on Liberation Day, hitting Bitcoin and the crypto market. However, Cosmos's token ATOM defied the trend with nearly 10% gains on the day. ATOM could extend the rally by double-digits in the coming week.

ATOM could gain from these catalysts

ATOM (ATOM), the native crypto token of the Cosmos network, gained nearly 10% on the day. The token could gain from key catalysts like higher utility and adoption of the underlying blockchain, and bullish on-chain metrics.

ATOM above key support at $5, and technical indicators on the daily price chart show likelihood of further gains in the token. Both RSI and MACD signal an underlying bullish momentum in ATOM price trend.

The updates of the 21Shares staking ETP, Cosmos network partnerships, and gains in Bitcoin are the key catalysts that could influence ATOM price.

ATOM technical analysis and price forecast

ATOM could test resistance at the upper boundary of the FVG on the daily timeframe at $5.793. This marks nearly 15% gain in the token’s price. Two key momentum indicators, the RSI and MACD support a bullish thesis for ATOM.

RSI reads 60, well under the overbought level at 70, and MACD flashes two green histogram bars in a row, meaning there is underlying positive momentum in ATOM price trend.

ATOM could face resistance at $5.530 on its path to re-test $5.793 resistance and flip it into support. In the event of a price crash, ATOM could find support at the lower boundary of FVG at $3.965 and $3.582, the March 10 low for the token.

On-chain and derivatives analysis

On-chain and derivatives data from Santiment show that there is a large spike in the total open interest in ATOM, in terms of USD. The increase corresponds with an increase in ATOM trade volume and the percent of stablecoin supply held by whales with over $5 million. These metrics represent the demand side for ATOM, signaling sustained demand that could support price gain in the token.

Derivatives data from Coinglass shows an over 180% increase in volume, at $595.87 million on Friday. The long/short ratio, a key indicator of the position of derivatives traders, reads greater than one, meaning traders are betting on an increase in ATOM price.

Typically, derivatives markets are considered indicative of price trend reversals or changes in the trend, therefore anticipation of price gain could result in higher spot prices in the medium to short term.

ATOM ranks in top 7 gainers among 100 tokens

Data from Social Intelligence platform LunarCrush shows 93 out of the top 100 cryptocurrencies ranked by market capitalization were down, as traders digested the impact of Trump’s Liberation Day announcements.

ATOM ranks among the seven best performers with nearly double-digit gains and likelihood of an extended rally in the token.

Bitcoin and top altcoins are consolidating or recording moderate gains, attempting to recover lost ground as crypto traders return to the market after a period of uncertainty.

eToro announces staking support for ATOM, driving gains

eToro, a social trading and multi-asset investment company, announced the addition of Cosmos and Polkadot to its crypto staking options. The announcement contributed to the catalysts driving gains in the token.

Shortly after the announcement, ATOM started rallying and confirmed its uptrend. A Bitcoin flash crash could usher a market-wide correction and a decline in ATOM price.

The above is the detailed content of Cosmos (ATOM) Token Defies the Dip With Nearly 10% Gains. For more information, please follow other related articles on the PHP Chinese website!