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 year in a row on Monday, reaching its highest level in a week despite the rising strength of the US dollar.
Cosmos calls itself the Internet of Blockchains as it focuses on enabling cross-chain interoperability between different networks. It is a Layer 0 network as 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 increases interest in Cosmos
Lately, Cosmos has seen increased interest from investors as it is in the middle of a $ 1 million event called HackAtom, which aims to build the Cosmos community. Over the past 24 hours, the Cosmos coin ATOM is up about 9.2%, and the coin is up about 26.2% since its last lowest level on Thursday. Cosmos has risen since its inception as an inter-blockchain communicator, used to enable communication and transmission of digital assets across different blockchains.
Cosmos developers have showcased many of the latest technologies in development on the blockchain, which has increased activity on the network. The transaction volume in the network has also grown with the introduction of the crypto network.
The company recently announced that over 1000 developers have already registered for the largest HackAtom in Cosmos history, which also increased the value of ATOM / USD. The initial launch of Inter-Blockchain Communications on the Cosmos Hub was unique, and this unique feature in the cryptocurrency market added value to the Cosmos Coin ATOM.
ATOM’s recent appreciation could be attributed to optimistic predictions made by various analysts about the coin. Analysts estimate 22 chains have been linked via Cosmos and around 2000 chains are expected to be linked via IBC over the next year. In the long run, there will be a million blockchains connected, and the increasing number of chains connecting via IBC has supported the soaring prices of ATOM / USD.
Kosmos (ATOM / USD) Technical Outlook
ATOM / USD is trading bearish at the 31.18 level. The coin has already breached a strong USD 32 support level and closing candles below 32.04 supports the sell propensity in ATOM.
Daily technical level
Pivot Point: 31.6300
Further down, the nearest support is at 29.53. A break below this level may open further scope for selling to the 27.87 support level. On the higher side, the coin is likely to encounter strong resistance at 33.8. Much luck!
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