ATOM Rises To Multi-Week High, Daily RSI Shows Bullish Pattern

Christian Encila

3 years ago

2 mins read

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Cosmos (ATOM) was trading higher on Tuesday, as prices earlier in the day reached a multi-week high.

The ATOM/USD pair reached its highest level since June 10 on Wednesday, as prices fell below the $10 threshold.

Following the Fourth of July celebrations, during which prices dipped to $8.14, ATOM reached an intraday high of $9.27.

The price of ATOM has increased significantly over the past several weeks with the revelation that, by September, Cosmos projects would be able to attain the highest level of security in the ecosystem.

Cosmos enables developers to design app-specific blockchains that are easily interoperable.

Cosmos (ATOM) Rising, Up 30% This Month

ATOM has experienced significant expansion. 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.

ATOM has been trending upwards since the middle of June, and on June 30 produced its first higher low. It is currently breaking through a short-term resistance band.

The daily chart is more bullish than bearish. This is because the relative strength index rating is hugely positive. The RSI was greater than 50, indicating bullish momentum during the preceding few weeks.

After producing bullish divergence, the RSI climbed above its oversold level and successfully closed a swing bottom, a further positive development.

ATOM total market cap at $2.63 billion on the daily chart | Source: TradingView.com

ATOM Set To Breach $10 Level

Following recent increases, ATOM may be poised to once again surpass $10 as bullish pressure builds. 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.

The price charts are favorable for bullish market participants. The RSI supported their positive outlook, as it was far over 50 and exhibited an uptrend during the last seven days.

Suggested Reading | Bitcoin (BTC) Claws Back To $20,000, First Time In 5 Days

Meanwhile, bullish ATOM price forecasts are unlikely to be realized so long as the Bitcoin price remains in a decline.

As soon as the BTC price stabilizes, cryptocurrencies may experience a relief rally. Nonetheless, if Bitcoin falls to new lows, the situation for altcoins such as ATOM could become dire.

Featured image from Freepik, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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