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Cosmos blockchain connects other networks.
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The Cosmoverse is expected to occur between September 26-28.
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ATOM has maintained recovery since June and recently broke past a resistance.
Cosmos ATOM/USD has maintained an upward momentum since June. Even as most cryptocurrencies fell, ATOM largely kept prices above the 20-day and 50-day MA. The upside has underlined buyers’ interest in the ecosystem. This week, ATOM has surged by nearly 30%, initiating a key breakout that could see more buyers enter.
Cosmos is referred to as “the internet of blockchains” since it connects separate networks. The gains since June illustrate the recovering crypto sector. As cryptocurrencies started to recover, the shared model of Cosmos could be attracting liquidity to the network. That could have been the reason behind the prolonged recovery of the native token ATOM.
The Cosmoverse conference is another event that is fueling the latest gains. The event, which will occur between September 26 to 28, is expected to usher in various development updates. To a technical reader, ATOM price action shows important signals that offer momentum clues.
ATOM surges after a bullish breakout at the resistance zone
Source – TradingView
ATOM rose past the $12.3 level on September 8 in a bullish breakout. The cryptocurrency trades at $15.9 after slowing down following the breakout surge. All moving averages and MACD indicators reveal a strong and increasing bullish momentum.
The next level for ATOM is $20. The token could correct slightly at the current level before the bullish surge continues. Investors should consider buying on a retracement at or close to $12.3 or moving averages.
Summary
ATOM will likely continue gaining ahead of the Cosmoverse conference after the latest breakout. The cryptocurrency aims for the $20 level. We recommend buying on a potential retracement. The nearest support is $12.3.