Cosmos (ATOM), which traded higher Tuesday as the prices reached an all-time high earlier in day, was seen trading better.
As prices fell below the $10 threshold, Wednesday’s ATOM/USD exchange reached its highest level since June 10.
ATOM’s intraday peak was $9.27 following Fourth of July celebrations. Prices dropped as low as $8.14 during these events.
With the announcement that Cosmos Projects would be able attain the most secure ecosystem security by September of this year, the ATOM price has risen significantly in recent weeks.
Cosmos enables developers to design app-specific blockchains that are easily interoperable.
The Cosmos (ATOM), Rising, up 30% this Month
ATOM’s growth has been significant. Since the beginning of July, the token’s value has increased by more than 30 percent, and by 42 percent since the announcement of its anticipated incorporation into THORChain.
This year’s news of Cosmos’ switch to the Interchain Security protocol, which considerably improves the security of Cosmos Hub and the performance of the entire ecosystem, contributed to the clear acceleration of ATOM’s price.
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Since the middle of June, ATOM has trended upwards. It reached its highest level on June 30, when it registered its first lower low. It currently breaks through a temporary resistance band.
Daily charts are more bearish than bullish. The relative strength index rating, which is very positive, is the reason. The RSI reached 50, which indicated bullish momentum in the previous few weeks.
Bullish divergence was produced by the RSI, and it successfully closed a swing low, a positive move.
AtOM market total at $2.63 trillion on daily chart | Source: TradingView.com
ATOM Set To Breach $10 Level
As bullish pressure increases, ATOM could be set to surpass $10 once more after recent gains. Although recent trend has been on the rise, after Tuesday’s peak, gains slowed and some investors chose to leave rather than pursue more gains.
This concern arose when prices reached a point of resistance at $9.10, which has not been breached for roughly four weeks.
Bullish participants in the market find favorable price charts. As it was well over 50, the RSI showed an uptrend in the last seven trading days.
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While the Bitcoin price continues to decline, bullish ATOM prices forecasts will not be realized.
Cryptocurrencies may see a rally once the BTC price stabilises. However, altcoins like ATOM may find themselves in dire straits if Bitcoin drops to new lows.
Featured image by Freepik. Chart from TradingView.com