ATOM Plunges 6% Amid North Korea-Linked Security Concerns: Technical Analysis and Market Reaction
The discovery of a North Korea-linked developer who contributed to Cosmos code between 2022-2024 has triggered enhanced security measures, while major exchanges expand staking options for ATOM holders despite market pressure.
ATOM is currently trading at $4.086 after losing 5.52% of its value over the past 24 hours.
Technical analysis
-
A sharp sell-off occurred during 22:00-23:00 hours on June 16th with exceptionally high volume (1.4M+), establishing resistance at $4.29.
-
Support emerged around $4.06-$4.07 with increasing volume, suggesting potential stabilization.
-
Overall momentum remains bearish with lower highs forming across multiple timeframes.
-
A notable recovery occurred in the last hour, climbing from $4.077 to $4.084 (0.17% increase).
-
Significant bullish momentum between 13:24-13:30 saw ATOM surge from $4.076 to $4.096 on elevated volume.
-
The hourly close at $4.084 suggests stabilization above the $4.07 support level.
