Cosmos (ATOM), a high-performing stock, has displayed a bullish enthusiasm for the last few 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%.
Following its success at rebounding from the ascending support level, crypto has rallied over the past week. ATOM is still bullish, but it could slip down the slope.
It could be because the coin is trading at its key resistance level.
In May, after an eclipse or crash, the crypto was capable of testing its key resistance level. Cosmos was unable to surpass the August 24- and 25-specific key resistance zones.
ATOM also faced some obstacles at this price point over the last four days.
ATOM May Swerve Towards Bearish Detour
CoinMarketCap reports that ATOM is trading at $12.83, up 0.04%. ATOM appears to be moving up and down, indicating a bearish turn.
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.
Low selling pressure, particularly when there is a surge in validators can impact the demand.
On the brighter side, the ongoing development of Cosmos doesn’t seem to stain or dissuade ATOM’s optimistic outlook. It was interesting to note that the Cosmos network has been able maintain positive developments in the last month.
Cosmos Network Integrations To Increase 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.
This will increase the demand for DOT through partnerships and collaborations. The Cosmos network will integrate with several blockchain networks, which could predictably boost the demand and optimize ATOM’s price action.
Investors should also take advantage of altcoin’s low price, despite the ongoing rally. Investors must also remember that the cryptocurrency continues to be heavily discounted in spite of its recent uptrend.
A retracement of the upswing is possible, due primarily to an increase in selling activity.
Source: TradingView.com| Source: TradingView.com Featured Image from UseTheBitcoin. Chart by TradingView.com