Bullish Mood in Altcoins Sends Cosmos (ATOM) Higher

Cosmos (ATOM) is making gains on Thursday, supported by the return of optimism in crypto markets after leader Bitcoin reclaims the $60,000 level and heads higher. At the time of writing, ATOM/USD is trading at around $39.69.

One of the biggest fundamental developments supporting the bullish mood among investors towards the ATOM token is news about Cosmos-based DEX Osmosis raising $21 million in a token sale from several key VCs. The Osmosis platform enables developers to build customized AMMs with sovereign liquidity pools and enjoys a TVL of over $567 million at present.

The increased interest in Osmosis among investors came on the back of a surge in its activity following the launch of Cosmos’s IBC cross-chain interoperability protocol earlier this year. It offers more opportunities of growth for DeFi on the blockchain and gives it a distinct advantage over other competitors that are also looking to eat into Ethereum’s lion share of the DeFi market.

Another interesting update which provides support to the potential Ethereum killer is leading social trading platform eToro making ATOM available for trading to its Australian users. This move is likely to drive up trading volume of ATOM on the eToro platform – one of the biggest names in trading.

In addition, CollWallet Pro – a DeFi-focused cold wallet created by CoolBitX, has announced a staking option for its users holding ATOM tokens. CoolBitX has recently collaborated with Crypto.com Pay to allow users to make payments via cryptocurrencies to several leading merchants worldwide.

ATOM/USD Technical Analysis

Technical analysis of the 4-hour chart of ATOM/USD reveals a bullish bias among moving averages and the momentum indicator. However, the MACD points to some selling interest in the market as well.

Cosmos’s price is holding above the pivot point at $34.15 and has also smashed through one resistance at $37.26. It looks like buyers are gearing up to test the next resistance soon, coming up at $40.27.