Atom breaks out of a bearish channel and news supports a positive price action.
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Cosmos making higher lows is a pointer to rising bullish momentum.
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Major milestone hit on a critical Cosmos and Polkadot Bridge
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Cosmos price action is also supported by the FXM listing.
Cosmos ATOM/USD is not as well-known as the other large-cap cryptocurrencies. That said, it has been surging in value and is currently one of the few cryptos in the green, in a sea of red. So what exactly is Cosmos?
Cosmos is a cryptocurrency that aims to interconnect Dapps across blockchains. 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 quite strongly and added a lot of value to the Cosmos (ATOM) token. That’s despite the fact that ATOM is an inflationary token.
The Cosmos ecosystem continues to grow
Cosmos is currently surging, and in the past week alone, is up by over 30%. This follows news that a bridge between Cosmos and Polkadot had hit a major milestone. News of this bridge has pushed up investor interest in ATOM because it will likely trigger an upsurge in the number of projects building on Cosmos.
Besides an update on the Cosmos/Polkadot Bridge called Astra/Shiden, Cosmos is also getting listed on more major exchanges. The latest big 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 would want a piece of the pie.
ATOM breaks out bearish channel
Source: TradingView
Since February 24, 2022, ATOM
