Cosmos (ATOM) was buying and selling greater on Tuesday, as costs earlier within the day reached a multi-week excessive.
The ATOM/USD pair reached its highest degree since June 10 on Wednesday, as costs fell under the $10 threshold.
Following the Fourth of July celebrations, throughout which costs dipped to $8.14, ATOM reached an intraday excessive of $9.27.
The worth of ATOM has elevated considerably over the previous a number of weeks with the revelation that, by September, Cosmos tasks would be capable to attain the best degree of safety within the ecosystem.
Cosmos permits builders to design app-specific blockchains which can be simply interoperable.
Cosmos (ATOM) Rising, Up 30% This Month
ATOM has skilled vital growth. Since the start of July, the token’s worth has elevated by greater than 30 p.c, and by 42 p.c for the reason that announcement of its anticipated incorporation into THORChain.
This yr’s information of Cosmos’ swap to the Interchain Security protocol, which significantly improves the safety of Cosmos Hub and the efficiency of your complete ecosystem, contributed to the clear acceleration of ATOM’s worth.
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ATOM has been trending upwards for the reason that center of June, and on June 30 produced its first greater low. It is presently breaking by means of a short-term resistance band.
The day by day chart is extra bullish than bearish. This is as a result of the relative power index score is vastly optimistic. The RSI was higher than 50, indicating bullish momentum through the previous few weeks.
After producing bullish divergence, the RSI climbed above its oversold degree and efficiently closed a swing backside, an extra optimistic growth.
ATOM whole market cap at $2.63 billion on the day by day chart | Source: TradingView.com
ATOM Set To Breach $10 Level
Following latest will increase, ATOM could also be poised to as soon as once more surpass $10 as bullish stress builds. Although latest pattern has been on the rise, after Tuesday’s peak, good points slowed and a few buyers selected to go away moderately than pursue extra good points.
This concern arose when costs reached a degree of resistance at $9.10, which has not been breached for roughly 4 weeks.
The worth charts are favorable for bullish market individuals. The RSI supported their optimistic outlook, because it was far over 50 and exhibited an uptrend over the last seven days.
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Meanwhile, bullish ATOM worth forecasts are unlikely to be realized as long as the Bitcoin worth stays in a decline.
As quickly because the BTC worth stabilizes, cryptocurrencies might expertise a aid rally. Nonetheless, if Bitcoin falls to new lows, the scenario for altcoins corresponding to ATOM may turn into dire.
Featured picture from Freepik, chart from TradingView.com
