Amid recent tariff announcements from U.S. President Donald Trump on Liberation Day, the cryptocurrency market faced a price correction. However, the Cosmos token ATOM demonstrated a nearly 10% gain on the day.
ATOM Could Benefit from These Catalysts
The token ATOM, the native token of the Cosmos network, has gained support from the increased utility and adoption of the blockchain, as well as optimistic metrics. It is holding above the key support level of $5, which is supported by technical indicators showing the likelihood of further price gains.
ATOM Technical Analysis and Price Forecast
ATOM is expected to test resistance at $5.793, which would indicate a nearly 15% gain. The RSI and MACD indicators support a bullish trend, with RSI at 60, well below the overbought territory. In case of a drop, ATOM will find support at $3.965.
On-chain and Derivatives Analysis
Data from Santiment indicates a significant increase in open interest for ATOM, signaling sustained demand for the token. Trading volume in derivatives has also surged by over 180%. This indicates that traders anticipate a price increase for ATOM in the short term.
ATOM is showing positive momentum amid an overall downturn in the cryptocurrency market. Support from derivatives markets and decisions made by leading platforms may act as catalysts for further growth.
