Over the last few days, the Cosmos Hub (ATOM) has demonstrated a remarkable degree of strength and resilience in the midst of significant fluctuations in cryptocurrency markets. Despite Bitcoin’s bearish momentum causing most altcoins to plummet, ATOM bulls managed to bounce back and maintain the token’s price for three consecutive days.
This renewed strength and price stamina may be linked to fresh updates from the team behind the Cosmos project. In an exciting development, the Cosmos team announced yesterday that its first Replicated Security Model had gone live and was gaining adoption from a top smart contract and consumer chain platform.
The Cosmos Replicated security model is a new and secure innovation that provides security to smart contracts and consumer chain platforms. The team recently introduced Neutron as the first ever consumer chain and smart contracts platform to leverage its new and innovative security model. By leveraging Cosmos’ Replicated security model, smart contracts and consumer chain platforms like Neutron no longer need to worry about platform security and can focus instead on other areas and services.
As dApps can now launch with ATOM’s native security, this fundamental news from the Cosmos team could be behind ATOM’s recent show of strength and price resilience despite the bearish market outlook observed in several cryptocurrencies.
On the daily timeframe, ATOM trades at $11.04, a 2.02% increase from its 24-hour low at $10.55. The market capitalization of ATOM is also seen to increase by 1.10%. 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. Despite this, Cosmos’ renewed strength and price resilience are encouraging signs for investors and traders alike.
Overall, the Cosmos project remains an exciting and innovative platform for the development and deployment of secure, interoperable blockchain applications. With its unique Replicated security model gaining adoption from top smart contract and consumer chain platforms like Neutron, Cosmos looks well-positioned for further growth and success in the years ahead.
