Cosmos is a decentralized network which has seen an immense growth in the present.The platform aims to address the issues of scalability, interoperability, and governance in the blockchain space, allowing for the creation of a decentralized internet of blockchains.It operates on a proof-of-stake consensus mechanism, which is more efficient compared to other forms.This makes it possible to process a large number of transactions per second, making Cosmos well suited for Dapps and transactions.The platform’s key innovation is its Inter-Blockchain Communication (IBC) protocol, which allows for the transfer of assets and data between different blockchain systems.Cosmos also has a governance model that allows for the community to propose and vote on changes to the system. Dymension is going to be the first ever layer 2 solution on the Cosmos Ecosystem.They have raised more than $6 Million in private round.
Cosmos has a market cap of $3.9Billion and is ranked 19th in the cryptoverse. Volume of the asset price has seen a decline in the past 24 hours. Volume to market cap ratio of ATOM suggests a consolidated trend in price.
Is The Bear Run Of Atom Over?
The weekly technical chart of Cosmos suggests a consolidated trend in asset price.On the daily chart it is trading near the value of $13.82 with a marginal gain.It is trying to form a bullish engulfing candle.This may hint towards a strong upside in price for the future. Resistance of Atom can be seen near $20.Meanwhile the support of the asset price can be seen near $10.It is currently trading above the 50 and 100 Daily Moving Average.There is a positive crossover which can push the asset price to a new high.
RSI of the ATOM is near 52 suggesting its presence in the oversold zone.There is a negative slope suggesting a downside momentum in price.
Conclusion
Dymension has raised $6.7 Million in the private round and is going to be the first layer 2 solution on Cosmos. ATOM is currently in a weak upside move but can soon move to a new high.
Technical Levels
Major Support:$10
Major Resistance:$20