Cosmos (ATOM) Shows Recovery In Response To Update Reveal
Over the past few days, Cosmos Hub (ATOM) has demonstrated remarkable strength and resilience in its price fluctuations, despite significant downturns across the broader cryptocurrency markets due to shifts in trader sentiment. For three consecutive days, ATOM bulls have managed to bounce back and maintain the native token’s price, despite Bitcoin’s bearish momentum that has caused most altcoins to plummet.
Cosmos’ (ATOM) renewed strength and price stamina in the crypto markets may be linked to the fresh updates announced by the team behind the project.
Adoption Grows For Cosmos Replicated Security Model
In an exciting update, the Cosmos team announced yesterday that its first Replicated Security Model went live and has gained adoption by a top smart contract and consumer chain platform.
1/ The first #Cosmos native shared security model just got adoption 💥@Neutron_org is the first Consumer Chain to leverage @cosmoshub Replicated Security.
Replicated Security brings a new era of utility for #ATOM ⚛️
Appchains can now launch with the economic security of #ATOM pic.twitter.com/sMp6mXhjPC
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) May 11, 2023
Before this, the team had made it known in February that the launch of the Replicated security model was close and presented an opportunity for delegators and validators to earn multiple tokens from upcoming consumer chains by staking the native token ATOM.
The Cosmos Replicated security model, a new and secure innovation, provides security to smart contracts and consumer chain platforms. The team announced and introduced Neutron as the first ever consumer chain and smart contracts platform to adopt and leverage its new and innovative Replicated security model.
In leveraging Cosmos’ Replicated security model, smart contracts and consumer chains platforms like Neutron no longer worry about platform security but can now focus on other application areas and services, according to the official announcement.
As seen in an official tweet where the team made the announcement, it was also stated that the Replicated security model brings forth a new dawn and era of utility as dApps can now launch with ATOM’s native security.
This fundamental news by the Cosmos team could be the backing behind ATOM’s recent show of strength and price resilience despite the bearish market outlook observed in several cryptocurrencies.
Daily Chart Analysis For ATOM
Cosmos (ATOM) trades at $11.04, a 2.02% increase from its 24-hour low at $10.55, as seen from Coingecko data trading reports. The market capitalization of ATOM is also seen to increase by 1.10%.
On the daily timeframe, bulls pushed ATOM’s price above the key resistance at $10.90 and moved further to an $11.27 high before retracing.
The previous resistance turned support level on the daily price chart is a good area for bulls to build momentum and push ATOM’s price to the upside. Although the 50 and 200 Exponential Moving Averages (EMA) are an immediate resistance level, bulls must contend with them to confirm further upside movements.
To the downside, a break above the newfound support at $10.90 will signal further bearish movements for the asset.
Cosmos (ATOM) price seen to trade at newfound support after breaking the resistance level on the daily timeframe | Source: ATOMUSD on TradingView.com
Featured image from Forkast News, chart from TradingView.com
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