Altcoin Thursday: Atom


24th June 2021 | ZebPay Trade-Desk

Cosmos aims to solve some of the difficult problems the blockchain industry is facing. It offers an antidote to slow, expensive, unscalable, and environmentally harmful proof-of-work protocols by providing an ecosystem in which multiple blockchains connect with each other to facilitate transactions. It also tries to make blockchains less complex for developers to use and build on. Atom (ATOM) is the native token of Cosmos. It has a market capitalization of $2bn and ranks 45. 

Atom was consolidating and was trading in a range from $15 to $ 11.  The asset witnessed a sharp fall post giving a breakout on the downside and made the low of $7.8. On the technical front, Atom has made a ‘Spinning Top’ candle indicating indecision and has started to consolidate at these levels. Hence, $7.8 and $11 will act as important support and resistance levels respectively and breakouts on either side with good volumes will decide the further trend for the asset.

Support 2Support 1AssetResistance 1Resistance 2

This concludes on the Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!

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