⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

ATOM/USD

Cosmos Price Prediction – ATOM Supported as Developers Join HackAtom

Posted Tuesday, November 23, 2021 by
Arslan Butt • 2 min read

ATOM/USD closed at $32.1400 after hitting a high of $33.7200 and a low of $29.0300. Cosmos (ATOM) rose for the fourth consecutive session on Monday and reached its one-week highest level despite the rising strength of the US dollar.

Cosmos describes itself as the internet of blockchains as it focuses on enabling cross-chain interoperability between various networks. It is a layer-0 network because it connects multiple blockchains within its ecosystem. Many projects, like Terra, Kava, and THORChain, use the Cosmos SDK, and the supported coins of these projects can be exchanged between blockchains on Cosmos. 

HackAtom Drives Up Interest in Cosmos

Lately, Cosmos has seen an improved interest from investors as it is in the middle of a $1 million event called HackAtom, which aims to build the Cosmos community. In the last 24 hours, Cosmos coin ATOM has jumped about 9.2%, and since its last lowest level that it hit on Thursday, the coin has surged about 26.2%. Cosmos has been rising since its launch as an inter-blockchain communicator, which is used to enable the communication and transfer of digital assets across different blockchains.

The developers of Cosmos have presented many of the latest technologies under development on the blockchain, which has increased the activity in the network. The transaction volume on the network has also grown amid the adoption of the crypto network.

Recently, the company announced that 1000+ developers have already registered for the biggest HackAtom in Cosmos history, which also added to the value of ATOM/USD. The launch of Inter-Blockchain Communications on the Cosmos Hub for the first time was one of a kind, and this unique feature in the cryptocurrency market added value to Cosmos coin, ATOM.

The recent increased value of ATOM could be attributed to various analysts’ optimistic predictions about the coin. Analysts believe that 22 chains have been connected via Cosmos, and it is anticipated that about 2000 chains will be connected through IBC next year. A million blockchains will be connected in the long-term future, and the increased number of chains connecting through IBC has been supporting the rising prices of ATOM/USD. 

ATOM/USD

Cosmos (ATOM/USD) Technical Outlook  

ATOM/USD is trading bearish at the 31.18 level. The coin has already violated a strong support level of $32, and closing of candles below 32.04 level supports selling bias in ATOM. 

Daily Technical Levels

Support Resistance

29.5400 34.2300

26.9400 36.3200

24.8500 38.9200

Pivot Point: 31.6300

Further on the lower side, the next support prevails at 29.53 level. A break below this level can open further room for selling until the 27.87 support level. On the higher side, the coin is likely to find strong resistance at 33.8 level. Good luck! 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments