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

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Cosmos (ATOM) price has not been left out of the current crypto rally. ATOM is currently trading at $7.66, the highest price since the middle of this month. Since its low in June, the price of the token has increased by about 40 percent.

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Currently, ATOM may break through the $8.4 resistance, which could reinforce the bullish trend. The token also reached its highest level in 11 days on Thursday as prices rose for the fifth straight session.

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Since the wider crypto market has been in the red sea lately, ATOM has followed suit. However, after a dismal 10-week weekend, buyers are seeing some encouraging signs.

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Cosmos (ATOM) hosts dydx on its platform

$ATOM received a lot of attention after dydx revealed that they will be building their V4 blockchain on the Cosmos platform.

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In their reveal, dydx praised Cosmos. They said that the most important characteristic of the V4 protocol is its complete decentralization.

The V4 protocol contains a fully decentralized off-chain order book and matching engine. The Cosmos platform, according to dydx, allows them to expand to significantly more bookings and cancellations per second.

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

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 blockchains. Each blockchain will make its own decisions autonomously, guided by the Tendermint consensus.

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

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ATOM bulls re-entered the market at high speed after breaking last week’s lows of $5.50 as prices reached their lowest level since January 2021. Earlier on Thursday, ATOM/USD reached an intraday high of $7.73 due to this rise in bullish sentiment.

According to CMC statistics, the market capitalization of the ATOM coin is currently well over $2.1 billion, up 13.4% in the green over the last 24 hours.

Against the backdrop of positive momentum, there is a slight increase in trading volume. Similarly, trading volume increased by 142% from the previous day. However, the bulls still need additional volume to break the negative trend line.

Featured image from Exodus Wallet, chart from TradingView.com



Credit : www.newsbtc.com

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