Atom broke out of a bearish channel and the news favored positive price action.
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Cosmos is making higher lows which is an indicator of increasing bullish momentum.
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An Important Cosmos and Major Milestone Hit on Polkadot Bridge
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Cosmos price action is also supported by FXM listings.
universe atom/usd Not as famous as other large-cap cryptocurrencies. That said, it is rising in value and is one of the few cryptos currently in green in a sea of red. So what exactly is Cosmos?
Cosmos is a cryptocurrency that aims to interconnect dapps in the blockchain. The idea is to create an interconnected chain of dapps and lay the foundation for Web 3.0.
Over the past year, the Cosmos ecosystem has grown tremendously and added a lot of value to the Cosmos (ATOM) token. Despite the fact that ATOM is an inflation token.
The universe ecosystem continues to evolve
Cosmos is currently on the rise, and has gained over 30% in just the last week. It follows the news that a bridge between Cosmos and Polkadot had hit a major milestone. News of this bridge has piqued investor interest in ATOM as it could lead to an increase in the number of construction projects on Cosmos.
In addition to an update on the Cosmos/Polkadot Bridge called astra/shiden, Cosmos is also getting listed on more major exchanges. The latest major exchange to list Cosmos is FTX. This is a big deal because it means more liquidity and demand, especially now that the price is rising and new investors want a piece of the pie.
ATOM breaks out of bearish channel
Source: TradingView
ATOM has been on an uptrend since February 24, 2022, even though the broader market has slowed down. However, in the last 24 hours, ATOM has softened.
Throughout Saturday and early Sunday, ATOM was trading in a bearish channel. It has since been relaxed. However, over the past 4 hours, the bulls pushed ATOM above the upper resistance channel at $28.97. If volume builds up and there is a bullish reversal, ATOM could test the price above $35 in the next 24 hours.
However, if the bears take control and the 24-hour support at $28.64 is lost, it could test the price below the $25 level in the next 24 hours.
Summary
Cosmos (ATOM) is one of the few cryptocurrencies that are currently on an uptrend. This is inspired by news of a major Cosmos/Polkadot bridge and ATOM listing on FTX. Trading volume is increasing, and price action suggests that ATOM may move further in the new week.