Cosmos (ATOM), despite a declining market, has pulled it off.
- Altcoin gained 27% over the week
- Cosmos’ integration with DOT, ETH to trigger a spike in demand
- ATOM price experiences exhaustion
ATOM’s bullishness has been remarkable since June. In fact, ATOM was deemed to be the top-performing cryptocurrency in the last three months.
Altcoin rallied by up to 27% after rebounding from its ascending support line.
ATOM appears to be showing signs of a pullback despite the upswing. This is especially evident considering it seems to be staying within the key resistance zone.
Are ATOM’s days numbered? Are you ready to give up?
ATOM Faces Bearish Retracement
ATOM experienced a huge drop in May, as it reached its resistance level. Altcoin could not move beyond the August 24-25 key resistance level.
Cosmos appears to have been pushing forward at the same pace for the last few days.
The crypto market is currently experiencing a bearish trend retracement as of press time. According to CoinMarketCap, the crypto’s price has nosedived by 6.19% or trading at $11.84.
However, it’s selling activity remains incredibly low which might be connected to the updates or developments going on within the Cosmos network. This could increase demand for ATOM.
ATOM, like all the other cryptos, looks healthy and promising for the long-term.
Integration with DOT and ETH to trigger pump
Cosmos’ integration with Polkadot and other developments with other networks like Ethereum Beacon have also amplified the demand for DOT and vice versa.
Partnerships are mutually beneficial, healthy and collaborative.
AtOM and Ethereum Beacon Chain have merged to form the Ethereum Merge. This has opened the door for future upgrades, including scaling and sharding.
The merger will help to reduce Ethereum’s energy consumption by up to 99.59%. Validators will replace miners when they stake ETH holdings.
You must stake at least 32 ETH. Even with the recent rally investors still have the opportunity to purchase ATOM at a discount price.
ATOM, like other cryptos, has fallen to new lows. August wasn’t a good month for the altcoin as investors seem to have abandoned it in search for more viable cryptos while some oversold their holdings.
Although ATOM was on solid ground when it launched, crypto crashes made it difficult for altcoins to do better in bear markets.
Total market cap of ATOM at $3.38B on daily chart | Source: TradingView.com Featured Image from Freepik. Chart by TradingView.com