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Cosmos is regarded as the internet of blockchains
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Cosmos’s token ATOM has gained by double digits in 24 hours
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The token is recovering but trades below a key resistance
Cosmos native token ATOM/USD is staging recoveries after recent dive. At the current price of $8.13, the token has added more than 11% in one day. The token is also up from a bottom of $5.5 reached on June 18.
Cosmos refers to itself as the internet of blockchains. It achieves the role by enabling an interconnected ecosystem of apps and services. The goal of Cosmos is to build an optimized ecosystem of decentralized blockchains. The independent blockchains, called “zones,” are connected to a main chain, the Cosmos Hub. Developers can add more chains to the hub, creating a network that communicates with each other.
Cosmos’ native token ATOM/USD recent gains happen amid the bear crypto market. The gains also defy turmoil surrounding Ignite, the company that originally founded Cosmos. Ignite’s CEO said, on Friday, that he was leaving the company. This week, Ignite also announced it was cutting more than half of its employees.
ATOM/USD technical analysis
Source – TradingView
Long-term prediction of any crypto in the current bear market is a challenge. However, we expect Cosmos token to face resistance at $8.7. The level resisted the recent price surge, and bulls are losing power at $8.0. However, the moving averages and MACD indicators suggest a bullish move at the current price. Investors should watch price action, with a price break above $8.7 opening further surges.
Summary
Cosmos token is bullish but faces an immediate resistance at 8.7. Moving averages offer support, while the MACD line also suggests bullish momentum. We recommend watching price behavior at the current level or at the resistance. The price could fall back to $7.0 if it fails to break past $8.7.