The underlying blockchain protocol of numerous blockchains built on the Cosmos Network is known as the Cosmos Hub. It facilitates communication between them, much like how a computer allows file sharing that can be opened on any operating system.
The Cosmos Hub acts as an intermediary among all independent blockchains created within the Cosmos network. The Cosmos ecosystem of blockchains programmed to scale and interoperate with one another is powered by the ATOM coin.
Cosmos News: Cosmos Developer Introducing GovGen
In the blockchain world, Cosmos developer All in Bits (AiB) is making a name for itself by introducing GovGen. This new governance-focused network will precede AtomOne, the controversial fork of the Cosmos Hub.
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GovGen, spearheaded by All in Bits, the firm headed by Cosmos co-founder Jae Kwon, will revolutionize blockchain governance by offering a decentralized decision-making process. It will play a crucial role in shaping the design and launch of the upcoming AtomOne fork.
Atom holders who opposed proposal 848 on the Cosmos Hub will receive GovGen tokens. Proposal 848 aimed to cap the maximum inflation rate at 10% and was approved despite Kwon’s objections, sparking considerable debate regarding its potential implications for network security.
Technical Analysis and Prediction of the ATOM Coin Price
Recently, the price of Cosmos has been fluctuating since it crossed the $10 price point. The ATOM token witnessed over 7% growth in the past month, trading between $9.7 and $10.30.
Based on the weekly price data, Cosmos witnessed a notable increase of 5.30%. It moved from the weekly price range of $9.9 to $10.8 before stabilizing around $10.50. Recent project developments can be attributed to this surge, which suggests a potentially optimistic outlook for ATOM’s market.
However, it is worth noting that the ATOM price has faced significant resistance and volatility. The immediate resistance level is at $12.06, and the 2nd is at $13.43. That makes it uncertain whether it will maintain its position above the $10 mark in the long term.
The ATOM price is trading at $11.26 after surfing the EMAs. The 150-day EMA is at $10.1, and the 50-day EMA is at $9.6. Moreover, on the downside, the immediate support level is at $8.9, and the 2nd support level is at $7.28. As per the current analysis, the first target price will be $11.43.
Conclusion
The Cosmos Hub connects independent blockchains within the Cosmos network. AiB is developing a governance-focused network called GovGen. The ATOM price has been volatile and is projected to reach $11.43.
Technical Levels
- Support Levels: $8.9 and $7.2.
- Resistance Levels: $12.1 and $13.4
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/27/cosmos-network-the-govgen-introduction-reaction-of-atom-price/