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Altcoin Thursday: ATOM

12 AUG 2021 | ZebPay Trade-Desk

Cosmos is a decentralized network of parallel independent blockchains, all powered by BFT consensus algorithms. Cosmos enables an ecosystem that can scale and integrate blockchains, through zones and provide a highly efficient, consistent, and secure infrastructure to transact.

Cosmos is working to solve scalability, interoperability, and usability limitations in blockchain technology, using lightning-fast and easy-to-deploy solutions. It provides secure P2P infrastructure, using Tendermints authentication system and is a 100% open source, that enables the Cosmos network to act as the ‘internet of blockchains’.

Atom is the native cryptocurrency token of the Cosmos Network.

As per the weekly chart, Atom post making ‘Hammer’ candle at $8.92 has surged by almost 65% by forming a ‘Higher Top Higher Bottom’ pattern up to $14.62. The asset has a strong resistance around $15 to $17. We can expect some profit booking from these levels. If the Breakout or close occurs above the resistance with good volumes then we may see Atom further rally up to the $25 mark.

Support 2Support 1AssetResistance 1Resistance 2
$7$10ATOM$17$25

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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