The cryptocurrency ATOM has seen a significant decline of 6% recently, currently trading at $4.086. This drop follows the revelation of a North Korean developer's involvement in the Cosmos ecosystem between 2022 and 2024. In response, major exchanges have initiated enhanced security protocols. During a sharp sell-off on June 16th between 22:00 and 23:00, ATOM experienced a major volume spike of over 1.4 million, establishing a resistance level at $4.29. Meanwhile, support has formed around $4.06 to $4.07, with indications that there might be stabilization as trading volumes rise. The overall market momentum, however, remains bearish, with lower highs appearing across various timeframes. Shortly after the sell-off, a brief recovery peaked at $4.096, but the hourly close suggests ATOM is still navigating challenges at the support level.
ATOM Drops 6% Amid Security Concerns Tied to North Korea
ATOM's price fell 6% following links to a North Korean contributor to its development, prompting heightened security measures and cautious trading.
Jamie Bennett
Crypto Analyst
5 min read
37,568
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 8/10
Trading Recommendation
ATOM
ATOM
SELL
Entry Price
$0
Confidence
50%
Stop Loss
$3.9
Take Profit
$4.2 - $4.4
Given the bearish momentum and security concerns surrounding ATOM, it's best to refrain from buying but set a stop loss for any potential entering position near support levels.
