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Cosmos ATOM/USD gained 2% in the past day, consolidating its weekly gains to 17%. Cryptocurrency Recover. ATOM is currently trading at $13, a market valuation above his $3 billion. Similarly, Cosmos recorded significant activity as daily trading volume increased by 63% to reach $628 million.
The broader outlook shows that interoperability tokens are 59% lower year-to-date. While this is a significant drop, it is still low compared to the decline in the valuation of cryptocurrencies as a whole. The overall market capitalization ranges from $3 trillion at its peak to $990 billion.
Cosmos aims for blockchain scalability and connectivity through a unified network called the “Internet of Blockchains”. Platform use cases that enable independent blockchain shared data are of increasing interest across blockchains. This month alone, Cosmos has added 17 new projects and as of October 17, he has over 85,000 weekly active users.
Supporting the rapid expansion of Cosmos is the ability to create a blockchain from scratch using Cosmos IBC. The interoperability protocol is based on Proof of Stake Consensus and Byzantine Fault Tolerant. Technically, ATOM is on bullish momentum, but indicators point to weakness.
Source TradingView
ATOM rose from $11 to $13 within 7 days, pushing it to the upper band of the Bollinger Bands. This trend means that digital assets may be pulled back. This view is complemented by the Stochastic Oscillator, which shows that ATOM is currently in the overbought zone. The token could retest the $11 support level if the two technical indicators hold.
ATOM is making a positive profit, but the token may be due for fix and is not yet approved. buyTechnical indicators point to a possible setback, at least in the short term.
In the long-term outlook, Cosmos’ foundation in interoperability puts the network in a strategic position. However, overall crypto market sentiment is a factor to consider.
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