ATOM Expands Over 25% In Last Week, Keeps Bullish Run Since Mid-June
September 05 2022 - 10:25AM
NEWSBTC
Cosmos (ATOM) has been a top-performer and exhibited a bullish
fervor for the past couple of months, or since June.
ATOM up by 25% in the past seven days
Cosmos network collaborations such as with Polkadot
is likely to increase demand ATOM price
up by .04% as of press time ATOM’s bullish streak has lingered on
for the past week, showing a price pump of over 25%. The crypto
rallying for the past week happened after its successful rebound
from the ascending support line. Despite the bullish momentum, ATOM
could potentially go through a slippery slope. This may happen due
to the fact that the coin is currently trading around its key
resistance level. The crypto was able to test its key resistance
level in May following an eclipse or crash. Cosmos failed to move
past the key resistance zone present on August 24 and 25;
respectively. More so, ATOM has also experienced some hurdles
present at that price level as seen in the past four days. Related
Reading: Dogecoin Slowly Retests $0.06 As DOGE Is Seen Moving
Higher Over The Next Days ATOM May Swerve Towards Bearish Detour
According to CoinMarketCap, ATOM price is up by 0.04% or trading at
$12.83 as of this writing. ATOM seems to be swerving up and down
validating a bearish detour. As of press time, ATOM is looking like
it’s heading towards a bearish retracement. Further, the altcoin’s
selling pressure is considerably low which could be due to Cosmos’
overhaul of its delegation strategy. The low selling pressure can
also impact demand, especially with a spike in the number of
validators. On the brighter side, the ongoing development of Cosmos
doesn’t seem to stain or dissuade ATOM’s optimistic outlook.
Interestingly enough, the Cosmos network was able to maintain a
positive development activity in the past month. Cosmos Network
Integrations To Boost Demand There are exciting developments
underway such as the upcoming integration of Cosmos and Ethereum
Beacon chain and the fusion of Polkadot and Cosmos’ IBC. These
partnerships or collaborations are bound to ramp up the demand for
DOT. Further, the Cosmos network will be integrating with a number
of blockchain networks which can predictably increase the demand
for ATOM plus optimize its price action. Additionally, investors
ought to take advantage of the fact that despite its ongoing rally,
the altcoin is still low-priced. Investors should also note that
the cryptocurrency is still heavily discounted, despite its recent
upside. However, a retracement is possible despite its upswing
mainly due to increased selling activity. Related Reading: Helium
(HNT) Deflates 15% After Proposed Transition To Solana Crypto total
market cap at $954 billion on the daily chart | Source:
TradingView.com Featured image from UseTheBitcoin, chart from
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