With pennies licking their wounds and healing from the unexpected May carnage, some pennies haven’t exactly followed the “slow and steady” path to recovery. One such token is ATOM, and the token has witnessed a huge price increase in the last 24 hours. The sudden spike made for a hectic but rewarding few hours for the Cosmos blockchain.

Despite an impressive 24 hours for the token, can ATOM hold onto the walls of its fortress and fortify itself? Could one earthquake shatter its boundaries, exposing the sign all over again?

Let’s see what the statistics have to say…

ATOmic Habits…

At the time of writing, ATOM was standing at $11.11 due to the token’s bull run on May 20. The bulls pushed prices up to $12, but the token eventually came in at $11.11. This positive price move has been a huge relief to many in the Cosmos ecosystem, especially after the Terra collapse.

The token’s volume had also jumped by leaps and bounds since its 100% surge on May 20. Volume stood at $545 million with a slight decline following the increase at the time of writing. Closer observation revealed that this was still 1/3 of the volume at the peak of the crash. On May 12, volume on Cosmos reached a tip of $1.59 billion, up from its peak on May 20.

Source: CoinMarketCap

The Terra crash is considered one of the biggest crypto crashes to date with a capitulation of about $40 billion in the market. Many major cryptos were largely affected during the collapse and ATOM also dropped below $10. This has been a very significant price barrier for investors who have been very active on the network lately.

In addition, Cosmos founder, Ethan Buchman, too orphan explains that “Terra took Cosmos through the ringer” and how the blockchain could eventually come out slightly untouched. One of the reasons for the strength of the network lies in the independence of the sovereign cosmos chains. “If one fails, others are unaffected,” said Buchman, who valued the security and resilience of the cosmos.

ATOM’s RSI also signaled a period of consolidation for the token as its value fell to 50. The value had previously climbed to 60 during its peak on May 20, but fell towards neutral zone. However, steady accumulation and trades may bring back the bullish run-on Cosmos in the near future.

Source: Trade View

Cosmos looking to expand into the crypto universe?

Self-proclaimed “Cosmos airdrops specialist”, Thyborg recently tweeted about the latest upgrade on the Cosmos network. He believes that “Interchain security will be the most significant upgrade since IBC last year.” Thyborg also insists that new crypto projects will look after its implementation to “at least consider” starting their Cosmos chains.

Thyborg goes on to refer to Cosmos as the “global leader in interoperable smart contract blockchain”. The Interchain security makes it possible to secure security measures for consumer chains through the Cosmos market cap. This provides much more security for these chains at a time of heightened scrutiny over blockchain security.

There is confidence in the ecosystem that this upgrade will be a great addition to the Cosmos network. It is also said to have the bandwidth to serve new consumer chain projects on the Cosmos network.

This post Can Cosmos [ATOM] continues its impressive long-term price stability

was published first on https://ambcrypto.com/can-cosmos-atom-continue-its-impressive-price-resilience-in-the-long-run/


Write A Comment