To focus on interoperability.
The $ATOM currency rose.
By 4% on Wednesday after executives at Cos,,mos 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 saw Cos,,mos expand its position as an independent blockchain technology with its own reliable tech stacks.
The broader market also saw an increase on Wednesday, as investors began to wonder whether the market is entering the long-awaited 'altcoin season,' with several data points indicating a shift of capital from BTC to altcoins like $ATOM .
The technical breakout indicates a bullish reversal.
The ATOM-USD pair rose by 4% in trading over 24 hours from July 15 at 4:00 PM to July 16 at 3:00 PM, breaking through the resistance level at $4.69 to reach a high of $4.71.
The cryptocurrency sharply rebounded from the support level of $4.55, recording 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 of $4.69, confirming institutional interest in buying at key technical levels.
The daily movement from July 16, from 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.
The $ATOM currency broke above the level at 14:45, recording its session highs near 15:04 with a trading volume exceeding 66,000 units before stabilizing at $4.69.
The 1% hourly rise extends the 24-hour rally, with the price remaining above the support level of $4.66, indicating sustainable institutional accumulation.
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