The mining process is one of the fundamental concepts we associate with cryptocurrency. It was revolutionary to use shared computing resources to solve blocks and verify cryptocurrency. However, times are changing and there is an urgent need for smart blockchains that can interact with the millions of others working there.
It is known as Blockchain 3.0 because of its modularity and ability to communicate with other crypto networks. ATOM has grown significantly from its initial ICO in 2017, when one ATOM token was valued at $0.10, to its current traded value of $37.69 as of October 2021.
ATOM is now ranked among the top 25 cryptocurrency markets with a market cap of more than $8.31 Billion, and a total circulation of 222 million coins. The price movement has been slowed by fluctuations in the value of ATOM over the past week, which have kept it within 1% of its previous movement.
ATOM Price Analysis
Cosmos is the blockchain, and ATOM is the cryptocurrency token for validating the transactions of the Cosmos network.
Cosmoshas jumped from the lows of $8 to $44 in a matter of fewer than three months. While the initial rally was much easier to track, the recent turbulent movements have weighed in heavily for cryptocurrencies. For example, the ATOM price fell more than 35% in just two days, and despite facing heavy selling, pressure bounced back towards its recent highs of $40. But second profit booking from the same level has made it clear that people are booking their 5x profits at $40 levels.
ATOM Cosmos has provided a great price movement and multiple re-entries for enthusiastic buyers. Since the September 07 profit booking that ensured the emergence of a bearish trend has in turn been beneficial for the ATOM token holders since its value rose almost 3X from $16 to $44. Moreover, ATOM has been closely taking support from its 200 days moving average of $20 and upside trend line.
RSI indicator has been strong ever since the rise of buying sentiment since the mid of July 2021. It has now marked fresh highs despite witnessing a profit booking on higher levels. Since September 07, the ATOM token has taken support from its trend line on not just one or two instances but a total of four instances, indicating the powerful buying sentiment at correct valuations.
ATOM token has been under a profit booking sentiment since hitting the peak of $41 on October 03, 2021. The ensuing sentiment shift has pushed down the value of ATOM to more than 10 percent in just two days. $36.445 has emerged as a strong contender for hindering the profit booking sentiment as per our Cosmos price prediction.
There is a weak but developing flat bottom pattern with declining highs at each hour and consistent support at lower ends. At its current value, RSI is trading above 50 on the histogram, indicating small positive sentiment.