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ATOM Surges 5% Before Forming Bearish Head-and-Shoulders Pattern

coindesk.com

1 day ago

ATOM Surges 5% Before Forming Bearish Head-and-Shoulders Pattern

Geopolitical tensions and evolving trade policies continue to shape cryptocurrency markets as stablecoin giant Circle prepares for its landmark NYSE listing. \ The company behind USDC has increased both share count and price range, signaling strong institutional confidence in the stablecoin sector despite ongoing regulatory uncertainty. Meanwhile, industry associations have issued a joint statement urging lawmakers to maintain focus on creating comprehensive stablecoin oversight without getting sidetracked by peripheral issues. ATOM has showed mixed signals to the news, rising by 5% before forming a bearish pattern known as a head-and-shoulders pattern. Technical Analysis Highlights ATOM-USD demonstrated significant bullish momentum over 24 hours, surging from $4.307 to $4.532, representing a 5.22% range. Price action formed a clear uptrend with higher lows and higher highs between 20:00-01:00, breaking through key resistance at $4.42 with above-average volume (689K-1055K). Strong support established at $4.43-$4.44 following the breakout. In the last hour, ATOM-USD formed a head-and-shoulders pattern with decreasing volume on rebounds, suggesting weakening bullish momentum. Support at $4.44 was tested multiple times but ultimately failed to hold, indicating potential further downside if bearish momentum continues.

https://www.coindesk.com/markets/2025/06/03/atom-surges-5-before-forming-bearish-head-and-shoulders-pattern?utm_source=CryptoNews&utm_medium=app