The cryptocurrency market has lost more than $200 billion in recent days, with prices for most currencies dropping by nearly 10%.
The broader cryptocurrency market has underperformed in recent weeks. However, the losses were extended this week as Bitcoin and the other major cryptocurrencies suffered huge losses.
Bitcoin lost its support above the $45,000 region and is now trading above $43,000 per currency. Ether, the major altcoins, also lost their key support level at $3,500 and is now trading around $3,300. The other leading cryptocurrencies, including Cardano, Solana, Binance Coin, XRP and LUNA, are all underperforming at the moment.
However, one of the best performers on the market at the moment is ATOM. ATOM is the native token of the Cosmos ecosystem. In the last 24 hours, ATOM has added more than 6% to its value, surpassing several cryptocurrencies in the process.
So far, ATOM is trading above $40 per currency. There is no obvious catalyst for this move, but the Cosmos team has revealed some of the blockchain's characteristics. However, that may not be reason enough for ATOM to be recovering by nearly 7%.
Top Levels to Watch
The 4-hour ATOM/USD chart is currently one of the most bullish in the cryptocurrency space at the moment. Technical indicators show that the ATOM is performing excellently and could rise further in the next few hours.
ATOM is trading above its 50-day moving average after its recent high. So far, the ATOM MACD is above its neutral zone, indicating strong bullish momentum. In addition, the 14-day RSI of 58 shows that there is buying pressure on the cryptocurrency.
If the uptrend continues, the ATOM could rebound beyond the psychological $45 level in the next few hours. In the event of a prolonged rally, ATOM could breach the $50 resistance level before the end of the week.
The post Will the ATOM target the next resistance level of $50? appeared first on Bitcoin Guide .