This article was first published on Huobi Group - Medium
CoinMarketCal has selected ATOM as the coin to keep an eye on this week!
The Cosmos (ATOM) is a cryptocurrency that is positioning itself as a decentralized network of independent blockchains that operate on the basis of Byzantine fault tolerance algorithms (BFT). Tendermint BFT is a byzantine fault-tolerant consensus engine that powers Cosmos Proof-of-Stake. These blockchains interact with each other through the Cosmos network, called the “Internet of blockchains.” Cosmos Hub is the first blockchain launched in Cosmos, and its main task is to interconnect other blockchains in the ecosystem. Tokens can be safely and quickly transferred from one blockchain to another within the Cosmos Hub.
After a meteoric 245% rise in July alone, ATOM has almost fully retraced and could form a reversal.
The bullish trendline, consolidation area, and 62% fib retracement converge near a former price inefficiency near $4.256. This level provided support — and also provided the base to what many traders may view as a potential inverse head and shoulders pattern reversal.
Bulls might take positions in the current area or on a pullback toward the previous week’s low. Targets include a previous week’s high and probable resistance levels up to $6.978.
Bears could enter near the bearish trendline and a previous week’s high near $5.596. Targets range from the previous weekly low down to price inefficiency near $4.304.
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Huobi Group - Medium