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Cosmos (ATOM) was buying and selling larger on Tuesday, as costs earlier within the day reached a multi-week excessive.

The ATOM/USD pair reached its highest degree since June 10 on Wednesday, as costs fell under the $10 threshold.

Following the Fourth of July celebrations, throughout which costs dipped to $8.14, ATOM reached an intraday excessive of $9.27.

The worth of ATOM has elevated considerably over the previous a number of weeks with the revelation that, by September, Cosmos initiatives would be capable of attain the very best degree of safety within the ecosystem.

Cosmos allows builders to design app-specific blockchains which are simply interoperable.

Cosmos (ATOM) Rising, Up 30% This Month

ATOM has skilled important growth. Since the start of July, the token’s worth has elevated by greater than 30 p.c, and by 42 p.c because the announcement of its anticipated incorporation into THORChain.

This yr’s information of Cosmos’ change to the Interchain Security protocol, which significantly improves the safety of Cosmos Hub and the efficiency of your complete ecosystem, contributed to the clear acceleration of ATOM’s worth.

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ATOM has been trending upwards because the center of June, and on June 30 produced its first larger low. It is presently breaking by means of a short-term resistance band.

The each day chart is extra bullish than bearish. This is as a result of the relative power index ranking is massively optimistic. The RSI was higher than 50, indicating bullish momentum through the previous few weeks.

After producing bullish divergence, the RSI climbed above its oversold degree and efficiently closed a swing backside, an additional optimistic improvement.

ATOM complete market cap at $2.63 billion on the each day chart | Source: TradingView.com

ATOM Set To Breach $10 Level

Following latest will increase, ATOM could also be poised to as soon as once more surpass $10 as bullish strain builds. Although latest pattern has been on the rise, after Tuesday’s peak, positive factors slowed and a few buyers selected to depart slightly than pursue extra positive factors.

This concern arose when costs reached some extent of resistance at $9.10, which has not been breached for roughly 4 weeks.

The worth charts are favorable for bullish market members. The RSI supported their optimistic outlook, because it was far over 50 and exhibited an uptrend over the past seven days.

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Meanwhile, bullish ATOM worth forecasts are unlikely to be realized as long as the Bitcoin worth stays in a decline.

As quickly because the BTC worth stabilizes, cryptocurrencies could expertise a aid rally. Nonetheless, if Bitcoin falls to new lows, the state of affairs for altcoins comparable to ATOM may turn out to be dire.

Featured picture from Freepik, chart from TradingView.com