Native crypto Cosmos (ATOM) jumped over 17% in the last 24 hours; a time when all major cryptocurrencies like Ethereum and Bitcoin took a nose dive although they are now turning green as they attempt to correct.
What is Cosmos (ATOM)?
Cosmos is simply a project that solves the problems facing the blockchain industry to make blockchain technology less difficult and complex for decentralized apps developers.
ATOM is the native token of the Cosmos blockchain network.
Why the ATOM price is rallying
The current ATOM rally is highly attributed to the recent announcement by the market cap on Twitter saying that it will share IBC integrated tokens on the Cosmos network. Currently, Terra has already dominated this market with 49.6%.
ATOM is expected to shoot the moon after Terra market dominance. However, when ATOM reached an all-time high of $44.8 on September 20, it started a phase that ended at $20.18 in December and since then it has continued to rise.
With the failed January 7 and 17 breakout attempts, the bulls started an inverted head and shoulder breakout on January 1st and the altcoin hit a five-week high of 79.61% ROI from its 29th December low.
The bears maintained their 43.6% Fibonacci support while the bulls continued to defend the 23.6% support level which they then lost by 38.2% in the recent sell-off. During the sale, ATOM lost 35.6% of its value, although they regained 38.2. % of increasing sale effect.
There was a bearish bias after RSI formed the downward channel due to the resistance near the midline which led the MACD’s histogram to discover a closing equilibrium that favored the sellers.
