to focus on interoperability
$ATOM rose.
ATOM
4.818
+5.38%
rising 4% on Wednesday after executives at Cosmos halted EVM development to focus on the interoperability of blockchain technology through the development of its own IBC protocol.
The news was well-received by investors, as we witnessed Cosmos expanding its position as an independent blockchain technology with its own reliable tech stacks.
The broader market also saw a rise on Wednesday, as investors began to wonder if the market was entering the long-awaited "altcoin season", as several data points indicate a capital shift from BTC to altcoins like $ATOM.
#ATOMUSDT
The technical breakout indicates a bullish reversal.
The ATOM-USD pair rose by 4% in 24-hour trading from July 15 at 4:00 PM to July 16 at 3:00 PM, breaking the resistance level at $4.69 to reach a high of $4.71.
The cryptocurrency sharply rebounded from the support level of $4.55, with a trading range of $0.17, representing a significant expansion in volatility compared to recent sessions.
Trading volume rose above daily averages during the reversal at $4.55 and the breakout at $4.69, confirming institutional interest in buying at key technical levels.
The daily movement from July 16, 14:33 to 15:32 showed continued momentum with a range of $0.05 between support and resistance areas of $4.66 and $4.71.
$ATOM broke a higher level at 14:45, recording its session high near 15:04 with a trading volume exceeding 66,000 units before settling at $4.69.
The rise extends 1% per hour for the 24-hour rally, with the price holding above the support level of $4.66, indicating sustained institutional accumulation.
#BinanceHODLerERA #AltcoinSeasonLoading #BTC120kVs125kToday #USCryptoWeek #ETHBreaks3k #StrategyBTCPurchase #BTC120kVs125kToda
