Cosmos (ATOM) Price Swells 12% – Can It Breach Resistance?

Christian Encila

Last Updated: June 24, 2022 12:25 pm

2 mins read

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The price of Cosmos (ATOM) has not been left behind by the present cryptocurrency rally. ATOM is currently trading at $7.66, its highest price since the middle of this month. Since its low point in June, the token’s value has increased by about 40 percent.

ATOM is currently positioned to surpass $8.4 resistance, which may solidify a bullish trend. The token also reached its highest level in 11 days on Thursday, as prices increased for the fifth straight session.

Since the broader crypto market has been in a sea of red recently, ATOM has followed suit. After a dismal 10-week weekend, though, buyers are observing some encouraging signs.

Cosmos (ATOM) Hosts dydx On Its Platform

A lot of attention has been paid to $ATOM with the revelation by dydx that they will be building their V4 blockchain on the Cosmos platform.

In their disclosure, dydx praised Cosmos. They said that the V4 protocol’s most crucial characteristic is its total decentralization.

The V4 protocol contains a fully decentralized, off-chain orderbook and matching engine. The Cosmos platform, according to dydx, allows them to expand to a substantially higher number of orders and cancellations per second.

Cosmos is one of the largest and most significant blockchain-based platforms. It employs the Inter-Blockchain Communication (IBC) protocol to guarantee that different cryptocurrencies can connect with one another.

ATOM total market cap at $2.35 billion on the daily chart | Source: TradingView.com

Cosmos, often known as the Internet of Blockchains, specializes in enabling businesses to create their own independent blockchain. Each blockchain will make its own decisions autonomously while being driven by the Tendermint consensus.

Cosmos also created a product called SDK, which has been utilized in numerous applications. Terra, the platform that collapsed in May of this year, was the most noteworthy project inside its ecosystem. ThorChain and Osmosis are two other notable projects developed with Cosmos SDK.

ATOM bulls have re-entered the market in high gear following last week’s breach of its $5.50 floor, which saw prices reach their lowest level since January 2021. Earlier Thursday, the ATOM/USD reached an intraday high of $7.73 because to this short-term increase in optimistic sentiment.

The market capitalization of ATOM coin is currently well above $2.1 billion, up 13.4 percent in the green zone over the past 24 hours according to CMC statistics.

In the face of a positive momentum, there is a modest increase in trade volume. Similarly, trading volume increased by 142% compared to the previous day. However, the bulls still require additional volume to breach the negative trend line.

Featured image from Exodus Wallet, 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.