ATOM Price Show Signs Of Exhaustion, Following 3-Month Uptrend
September 07 2022 - 3:20AM
NEWSBTC
Cosmos (ATOM) has managed to pull it off despite the decline in
demand due to a bearish market. Altcoin rallied by 27% in the past
week Cosmos’ integration with DOT, ETH to trigger a spike in demand
ATOM price experiences exhaustion ATOM has been remarkably bullish
since June and in fact, dubbed to the one top-performing
cryptocurrencies in the past three months. The altcoin was on a
bull run as seen in the past week, rallying by as much as 27%,
following its rebound from the ascending support line. In the face
of an upswing, ATOM is showing signs of a pullback especially since
it appear to be hovering within the key resistance zone as of late.
Could ATOM be nearing its exhaustion phase? Is it time to throw in
the towel? Related Reading: Bitcoin Price Watch: BTC Facing Renewed
Challenge To Keep Price Above $20,000 ATOM Facing Bearish
Retracement ATOM has suffered a massive drop in May as it tested
its resistance zone. The altcoin was not able to move past the key
resistance level on August 24 and 25. As it is, Cosmos seems to be
pushing through hurdles at the same level for the past few days. As
of press time, the crypto is experiencing a bearish retracement.
According to CoinMarketCap, the crypto’s price has nosedived by
6.19% or trading at $11.84. However, it’s selling activity remains
incredibly low which might be connected to the updates or
developments going on within the Cosmos network. There is a huge
possibility that this can increase the demand for ATOM. Regardless,
ATOM looks promising and healthy for long-term alongside the rest
of the other cryptocurrencies. Integration With DOT, ETH To Trigger
Pump Cosmos’ integration with Polkadot and other developments with
other networks like Ethereum Beacon have also amplified the demand
for DOT and vice versa. These partnerships are healthy,
collaborative, and mutually beneficial and can pull the price up
for the networks involved. The Ethereum Merge, which is a
collaboration or merger in between ATOM and the Ethereum Beacon
Chain has also set the stage for upgrades in terms of scaling and
sharding that could happen on September 15. This merger is said to
help with decreasing the energy consumption level of Ethereum by as
much as 99.59% as validators will be replacing miners in staking
ETH holdings. A minimum of 32 ETH is required to stake. Despite the
recent rally, investors can still get ATOM at a discounted price.
Like other cryptocurrencies, ATOM has plunged to a new low. August
wasn’t a good month for the altcoin as investors seem to have
abandoned it in search for more viable cryptos while some oversold
their holdings. While ATOM started at a solid footing during its
launch, the crypto crashes have made it entirely difficult for the
altcoin to perform better in the bear market. ATOM total market cap
at $3.38 billion on the daily chart | Source: TradingView.com
Featured image from Freepik, chart from TradingView.com
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