One of the main highlights of a warm weekend for the main cryptocurrencies in the market, the cross-chain platform Cosmos (ATOM) token is ready to repeat the impressive increase of more than 300% that Solana (SOL) registered recently, from according to the pseudonym trader and analyst Inmortal.
On Thursday, September 9, when the Cosmos token was quoted at R$ 116.00, the trader stated in his profile on Twitter: “ATOM is the next SUN”. On Sunday, after rising 55% since then, the ATOM hit a new all-time high of R$180, and Inmortal claimed the cryptocurrency was on “price discovery.” In other words, there is no parameter to be based on to predict exactly how far the price can go in the short term.
ATOM/USDT (Binance) daily chart. Source: Trading View
Inmortal didn’t shy away from making a prediction based on the ATOM correlation with Bitcoin. According to the trader, there are indications that the Cosmos token could reach the unit value of 0.002 BTC, or R$ 483.00, once it managed to transform the resistance of 0.0006 BTC into support. This happened on Friday.
If the ATOM does indeed reach the target suggested by the trader, it means that the currency still has a future upside potential of approximately 170%.
ATOM/BTC weekly chart with valuation forecast. Source: Twitter Inmortal
Inmortal also highlighted that ATOM is among the leaders in the accumulation of currencies when paired with Bitcoin, considering the last 800 days. According to him, this would be indicative of good prospects for the ATOM in the long term. “Accumulation leads to expansion,” he stated.
However, for the forecasts to have a chance to materialize, it is important to be aware of the new support around R$ 170.00, the mark of the old historical record of the ATOM. If bulls are unable to maintain it a retreat of more than 100% cannot be ruled out.
The Cosmos Blockchain
Self-titled “the internet of blockchains”, Cosmos is built in a way to allow different networks to interact with each other – as well as Polkadot (DOT), another highlight this weekend. One of its main goals is to make blockchain technology less complex for both users and developers of decentralized applications.
The software used by Cosmos has a modular structure that allows applications to be built from existing codes. Thus, as the network develops, it is expected that complex applications can be developed more easily.
The consensus mechanism used by Cosmos is the Proof-of-Participation and, today, the network has more than 250 applications in operation, which together add up to US$ 105 billion in total blocked value (TVL).
According to data from CoinMarketCap, ATOM currently has a total capitalization of US$7.3 billion and is the 28th place in the ranking of the largest cryptocurrencies in the market. ATOM has a total pre-defined inventory of 260,906,513 units, of which 203,121,910 are already in circulation.
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