Cosmos (ATOM): What Latest Price Performance Means for InvestorsSeptember 5, 2022
ATOM has registered an impressive bullish action since the mid-June sessions, joining the top-performing cryptos within the past three months. The alternative token maintained similar tendencies within the past seven days, after which the alt by over 25%.
ATOM’s bullish actions in the last week emerged after the crypto rebounded from an ascending support level. The latter represents a portion of the climbing price channel. It has hovered at the area since bottoming in mid-June.
Nevertheless, ATOM seems primed for a downward move. That could materialize as the alt traded around a crucial level during this publication.
ATOM tested the current resistance level during mid-May sessions, following massive dips over that month. It failed to push above this mark on August 24 and 25. Meanwhile, ATOM experienced hurdles around that price level within the past four days.
Can Bulls Overcome Psychological Sell Pressure?
ATOM’s current price zone revealed higher chances of a near-term bearish fall. Despite that, the token’s sell momentum remained low. That could be due to t0 the Cosmos blockchain redesigning its delegation approach. That might affect demand positively, especially with an increased validator count.
Cosmos’ development strategy shows ATOM’s impressive long-term narrative. Meanwhile, the blockchain platform has ensured attractive development activity within the past 30 days. Also, the crypto network expects more developments.
For instance, Cosmos awaits the integration of its IBC with Polkadot. One of the possible effects would be a magnified demand for Polkadot’s DOT due to its massive scope. Also, Cosmos will integrate with EBC (Ethereum Beacon Chain) after completing the ETH 2.0.
The Cosmos blockchain awaits multiple developmental activities, especially involving integration with various blockchains. These developments might attract an optimistic impact on the token’s demand, possibly triggering price upswings.
Enthusiasts should also consider that ATOM remains massively discounted, regardless of the latest surges. That means a possible retracement may erase the acquired gains if the broad market records an enormous fall.
While publishing this post, the crypto space reflected bearish actions. Bitcoin trades at $19,776 following rejections at $20K. Also, the altcoin market saw slight bearish actions within the past 24 hours, exploring their lows.