What to know:
- Cosmos pivots to interoperability: In a bold move, Cosmos executives have decided to abandon the EVM development, focusing instead on enhancing its Inter-Blockchain Communication (IBC) protocol. This strategic shift aims to fortify Cosmos as a robust standalone blockchain ecosystem, free from the shackles of Ethereum‘s dominance. 🌌
- ATOM price breaks resistance: ATOM has surged 4% in just 24 hours, breaking through the $4.69 resistance to reach a high of $4.71. This upward momentum, supported by a strong bounce from $4.55 and a noticeable increase in trading volume, suggests that institutional investors are taking notice. 📈
- Altcoin season speculation grows: The broader market’s positive performance has sparked speculation about the long-awaited “altcoin season.” Data points indicate a potential capital rotation from Bitcoin to altcoins like ATOM, with technical indicators pointing to a bullish reversal. 🌱
ATOM rose by 4% on Wednesday, a day marked by a significant decision from Cosmos executives to terminate EVM development. Instead, they are concentrating on blockchain interoperability by advancing their own IBC protocol. This move has been met with enthusiasm by investors, as it solidifies Cosmos’s position as a blockchain with its own unique tech stack, independent of the Ethereum ecosystem. 🎉
The wider market is also experiencing a positive shift on Wednesday, with investors beginning to wonder if the market is finally entering the long-anticipated “altcoin season.” Various data points suggest that capital is indeed moving from Bitcoin to altcoins like ATOM, a trend that could signal a broader market shift. 🌟
Technical Breakout Signals Bullish Reversal
- ATOM-USD surged 4% in 24-hour trading from July 15 16:00 to July 16 15:00, breaking through the $4.69 resistance to hit $4.71 highs. This move is not just a blip but a significant technical breakthrough. 🚀
- The token bounced sharply from $4.55 support, posting a $0.17 trading range that represents a notable expansion in volatility compared to recent sessions. It’s as if the market has woken up from a long slumber. 😴➡️⚡
- Volume spiked above daily averages during the $4.55 reversal and $4.69 breakout, confirming that institutional buying interest is strong at these key technical levels. The big players are showing their cards. 🃏
- Intraday action from July 16 14:33 to 15:32 shows continued momentum with a $0.05 range between $4.66-$4.71 support and resistance zones. The bulls are in control, and the bears are on the back foot. 🐂Vs🐻
- ATOM broke higher at 14:45, hitting session peaks near 15:04 on volume exceeding 66,000 units before consolidating around $4.69. This is a clear sign of sustained buying pressure. 💪
- The 1% hourly gain extends the 24-hour rally, with the price holding above $4.66 support, signaling that institutional accumulation is ongoing. The market is speaking, and it’s saying “buy, buy, buy!” 🛍️
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2025-07-16 20:59