South Africa Central Bank Argues ‘Outdated’ Exchange Control Law Still Valid for Crypto Regulation
ATOM Surges 5% Before Forming Bearish Head-and-Shoulders Pattern
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Oliver Knight
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Updated Jun 3, 2025, 3:09 p.m. Published Jun 3, 2025, 3:09 p.m.
- ATOM shows bullish momentum amid market volatility, surging 5% before experiencing a head-and-shoulders pattern reversal in recent trading.
- Support at $4.44 was tested multiple times but ultimately failed to hold, indicating potential further downside if bearish momentum continues.
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.
STORY CONTINUES BELOW
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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.
- 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.
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
