On Monday, the Co-Founder—Ethan Buchman and Sunny Aggarwal— of Cosmos ecosystem released the new whitepaper among Crypto Market during the Cosmoverse Conference in Medellin, Colombia. This Cosmoverse Conference stands as the largest community-driven cryptocurrency conference worldwide.
Amid the celebration of the new whitepaper, crypto market became aware regarding latest vision on ATOM Crypto , native token of Cosmos. In this refined vision of the network, Staking has become easier then before. Also, developers will see a more interoperable, decentralized and secured ecosystem in Cosmos.
Impacts of The Cosmoverse Conference on ATOM Crypto
This week, buyers failed to maintain ATOM Crypto above the short-term support of $13.5. Thus price against the USDT pair trades at $12.9 Mark while writing. ATOM Crypto price is revisiting ascending trendline, standing as a key defending zone of bulls. This horizontal support breakout could be harmful for buyers if price slips below it.
The crypto market sentiments weakened as overall market cap fell below $950 Billion this week. As a result, ATOM Crypto market cap observed 1.2% down at $3.68 Billion in the last 24 hour. However, trading volume is showing high volatility and bears’ dominance on Cosmos as it placed resistance at $17 zone.
In a lower time frame, price action of ATOM Crypto reflected the double top pattern in this month. Later on, altcoin continues moving lower with lower highs formation. In intraday trading sessions, bulls try to sustain prices above the bullish trendline.
On a higher frame like daily, Exponential moving average of 20 stays above current price of ATOM Crypto and 100-EMA remains as last chance of price rebound. Otherwise, MACD is headed to the lower zone after bearish crossover in terms of the daily price chart.
Conclusion
The Cosmos native token-ATOM Crypto stands at a crucial level. The Upward trend is the only defending area of bulls if they want to prevent themselves from fresh dramatical fall. In case, ATOM Crypto moves below this support level, then the ideological round level of $10 will be the next support.
Resistance level- $15 and $17
Support level- $10 and $6.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/09/30/can-the-latest-whitepaper-change-the-inside-story-of-atom-crypto/