Cosmos (ATOM) On Downward Spiral With 23% Losses As Market FUD Worsens
August 30 2024 - 4:00PM
NEWSBTC
The market has been seen to further dip as major cryptocurrencies
continue to fall towards their most recent support levels. This
only amplified the losses of the altcoin market to bring tokens
like Cosmos (ATOM) down to the ground. According to CoinGecko, the
token has lost almost 23% since last month and drags any hope for
recovery to higher price levels. Related Reading: Market Slip Drags
Injective Down 16% Despite Ongoing Developments Despite its recent
underperformance, the Cosmos ecosystem saw developments that may
stem the bearish tide. However, it remains to be seen whether these
recent on-chain developments have a definite effect on ATOM’s
future performance. Balanced DAO Adopts Inter-Blockchain
Communication Protocol (IBC) The official Cosmos X account recently
announced that Balanced, a stablecoin platform and decentralized
exchange, has adopted the Inter-Blockchain Communication (IBC)
protocol, making it part of the Cosmos ecosystem. Balanced enters
the #interchain Through the IBC integration, @BalancedDAO brings
its cross-chain DeFi platform to Cosmos SDK chains – with
connections to @archwayHQ & @injective already live. In the
blog post below, learn more about Balanced
⬇️https://t.co/igDR3YdNfp — Cosmos – The Interchain ⚛️ (@cosmos)
August 27, 2024 According to their blog post, Balanced adopted the
IBC as a means to connect to as many chains as possible, improving
on-chain scalability while providing proportional security.
Impressively, the implementation phase of the IBC adoption went
smoothly with developers on Balanced opened communication channels
between the Balance chain and the IBC without requiring a hard fork
for the network’s existing cross-chain connections. Cosmos benefits
through Balanced’s large connection pool with big names like
Solana, Polygon, and many more. $1.03b in transfers and 2.3m
monthly active accounts: 30d IBC Network Stats from July – August.
🔥 Let’s explore the @mapofzones 👇 This month, 118 chains were
actively connected through IBC and processed $1.03b in transaction
volume.@osmosiszone drove the highest IBC volume…
pic.twitter.com/bgav1S9Oh7 — IBC (@IBCProtocol) August 28, 2024
This contributed to Cosmos’s most recent achievement: reaching 2.3
million monthly active accounts and over $1 billion in transfers.
The accomplishment comes after the fact that the network has
reached over 118 chains connected through IBC this month.
Cosmos’s largest achievement by far is the growing adoption of IBC
as a cross-chain communication standard. IBC’s security while still
being flexible and scalable makes it an attractive solution for
cross-chain communication. Cosmos: $4.6 Reveals Significant Hurdle
For ATOM’s Upside Potential ATOM is wrestling control of $4.6 in
the short term with the bulls attempting to flip it to support.
This bullish behavior suggests that investor sentiment has been
strengthened by the recent on-chain developments that occurred
within the last 2 weeks. Related Reading: XRP Gains Ground:
20% Of Institutional Investors Embrace The Crypto This leaves
investors with an open road toward $6, but before this potential is
realized, ATOM bulls should focus on the short-term flip of $4.6 as
a support level. The token revisited this price level two times
already; third if its current position is counted. This makes $4.6
both a significant support level and a hurdle for any upward
potential. If the bulls fail to take this price level, the bears
will eye $4 as a target. This places ATOM at a significant
disadvantage with no solid support in the long term. However,
bullish success on this level bodes well for ATOM as the token will
stabilize on the $4.6-$5.1 range, giving enough wiggle room for
short and medium term gains while securing a long-term solution for
a climb toward $6. Featured image from Medium, chart from
TradingView
Solana (COIN:SOLUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024