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- After a successful retest from a macro descending consolidation, ATOM price has been stretching to rally beyond the resistance zone between $13 and $15.3.
- The ATOM coin plays a crucial role in securing the Cosmos hub amid the mass adoption of different blockchains with diversified modes of consensus thus solidifying its long-term bullish outlook.
Cosmos Hub (ATOM), a well-funded blockchain network that is on the path of enabling mass adoption of secure inter-blockchain communication, has grown into a vibrant ecosystem under the radar of both retail traders and institutional investors.
Through the Inter-Blockchain Communication (IBC) protocol, the Cosmos Hub has brought together more than 249 decentralized applications and services and secured more than $68 billion of digital assets. The mainstream adoption of blockchain technology has placed Cosmos Hub at the center of major investors seeking to diversify into utility-based altcoins with deep liquidity and notable developments.
Notably, the IBC has registered more than $30 billion in annual value transfer from over 100 chains. The Cosmos network is promising to evolve with the market needs including enabling token swaps and NFT collectibles. In addition, the Cosmos network intends to launch the wrapped versions of Bitcoin and Ethereum to enable mainstream adoption of the top chains with enhanced liquidity.
Moreover, Cosmos Hub is a scalable network that is secured through the proof-of-stake (POS) consensus and low transaction fees of about $0.01. In the past twelve months, the Cosmos Hub has announced several notable and strategic partnerships to widen blockchain use cases. Moreover, the blockchain is focused on EVM blockchains like Ethereum, BNB Chain (BSC), Avalanche (AVAX), and Polygon (MATIC)
Closer Look at ATOM Price Analysis
ATOM price has gradually followed Bitcoin’s (BTC) footsteps in the past few weeks. However, ATOM price is enjoying vast altcoin support, as Bitcoin dominance wanes off to pave the way for the highly anticipated altseason. On the daily time frame, ATOM price has been forming a bullish pattern through an ascending triangle, which signals an imminent rally toward the next psychological hurdle between $13 and $15.
Worth noting that ATOM price is on a rising trend after a successful breakout from the 2022/2023 crypto winter. Moreover, the bullish trend is bolstered by the daily golden cross between the 50 and 200 Moving Average (MA) and the weekly Relative Strength Index (RSI) that has rallied above 60 for the first time since the Terra Luna UST-induced crypto sell-off.
Meanwhile, it is prudent for crypto traders to be wary of a possible sell-off in the coming days that could see ATOM price drop towards the next support level of around $10.
Market Outlook
The Cosmos ATOM network has enjoyed a liquid market with a total market capitalization of about $4.4 billion and a daily average trading volume of about $257 million as of this report. Trading around $11.69 on Wednesday, ATOM is well positioned to rally beyond its all-time high of around $43 in the coming years. Furthermore, Cosmos network ranks among the top chains with notable development activity on GitHub in the past 30 days.
