- ATOM broke out after trending downwards in a descending channel posting near 50% gains
- MACD shows there’s still steam left in the rally
- Fundamental developments boosting bullish sentiment
JAIPUR (Coinchapter.com) – Cosmos network’s native cryptocurrency token ATOM is shooting for the stars.
ATOM underwent significant bearish pressure for almost the entire month of June (20 days, to be precise). The ATOM/USDT pair dropped to $7.8 beyond the May 23 lows of $8.4 after testing the bottom slope of the bull flag on June 22. It’s been 20 days since then. Bulls have taken over in earnest. The Cosmos underpinning token posted a near 50% rally breakout rally to date, with the bullish momentum still furiously on.
Unprecedented buying pressure has pushed ATOM well above the 20-day exponential moving average (EMA) wave. The token’s price now sits near the $14.8 level on the daily. Such is the bullish intensity that there are now two consecutive green candles above the crucial indicator. Whenever an asset posts two or more green candles above the 20-day EMA, an ongoing rally is likely to continue unabated.
The daily ATOM/USDT chart scenario is a toned-down version of the action on the 4-hour chart, where it’s a fireworks situation. ATOM has been trading above the 20-day EMA wave supported by solid buying pressure for the last two days.
MACD indicators for both the daily and 4-hour charts show that there’s still more steam left in the rally. In the stated case, the ATOM/USDT token pair looks primed to retest the $15.7 resistance level in the near term. Once that happens, buyers could easily attempt a retest of the crucial $17.5 resistance level.
Cosmos, Emeris, and Gravity
Cosmos network plans to make all blockchains interoperable in the future, and Tendermint is the company that is helping Cosmos achieve the said objective. Furthermore, the company is a core contributor to the Cosmos network. It supplies blockchain software and development kits, both used by blockchain projects in the Cosmos ecosystem.
Now ATOM’s underlying bullishness seems fueled by the upcoming launch of Emeris, a crypto app store conceived by Tendermint. Emeris will essentially be a one-stop-shop for users to interact with different decentralized applications (dapps). Dapps such as lending protocols and decentralized exchanges. A beta version will be released later this month, with a public launch planned for September.
Apart from this, the launch of a decentralized exchange (DEX) called Gravity is on the cards. According to the official Twitter handle of the Tendermint team, the Gravity DEX protocol will “go live on Cosmos Hub @ block 6,910,000”.
Among all dapps, Emeris will let users access “Gravity DEX and experience cross-chain DeFi like never before.”