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Analysis

ATOM Maintains “Market’s Biggest Mover” Tag, Sustains 4-Month High

Cosmos’ native crypto continues its bullish run as much as a 40% bullish acquire whereas different cryptos ebb and circulate; NEAR follows with a multi-week excessive.

The native coin of Cosmos protocol, ATOM continues to maneuver upward, hitting new highs each day. At the time of writing, the crypto is buying and selling at $14 after briefly hitting $16 earlier as we speak. It had hit a 4-month excessive of $13.92 on Thursday amidst the broader crypto market bounce again.

That was after the Wednesday dip when ATOM price dropped to simply beneath $12. Ever for the reason that $6 dip in the midst of June, Cosmos token (ATOM) has been on an upward gliding triangle. Notably, ATOM has damaged the Relative Strength Index (RSI) barrier and briefly hit $16.

Related Reading: TA: Bitcoin Price Trims Gains, Why $20K Is The Key To Fresh Increase

As of Thursday, crypto websites had been nonetheless speculating if ATOM would hit the $15 mark because it continued to rise. Most of those websites opined that it must break its Relative Strength Index (RSI) barrier to realize that. According to them, this hurdle would seem as a ceiling at 63.30. 

However, ATOM cleared the barrier early this morning, buying and selling at $16 earlier than dropping to its present price, $14. This bullish run makes it a 40% acquire ($10) throughout the house of three months.

Other Cryptos Rally in The Wake of Sell-odd On Wednesday

Additionally, this occasion comes alongside the broader market rallying from the continuing large crypto sell-off. The growing energy of the greenback impacted crypto values negatively, inflicting a substantial market sell-off. This drove the price of tokens, like Ethereum Classic and  Aave, to drop dangerously. ETC dipped by 12%, whereas Aave dropped by 7% on Tuesday. Another crypto Celsius fell by 11% as effectively.

However, by Wednesday afternoon, the affected coins had been on the rise as soon as once more. In truth, Aave was buying and selling at the next place than earlier than the dip. Analysts traced this restoration to a pointy drop within the US greenback Index across the identical time.

ATOMUSD
ATOM’s price is at the moment buying and selling above $14. | Source: ATOMUSD price chart from TradingView.com

NEAR Protocol Is Not Left Out In The Bullish Run

Another exceptional protocol amid these market actions is the NEAR community which reached a multi-week excessive coinciding with ATOM’s surge. Still, the NEAR token didn’t break its personal hurdle remaining in the identical $5 vary. The token is at the moment buying and selling at $4.55, in response to information from Tradingview. 

Related Reading: Bitcoin Takes A Blow After It Falls Below $22,000, Any Chances For A Bull Run

Nonetheless, COSMOS’ ATOM stays the “Biggest Mover” on the market for the time being. Amidst market volatility, the token continues to make vital headway. While different cryptos battle with volatility from the rising US greenback index, the crypto has hit a 4-month excessive. As a consequence, ATOM has earned applause from quite a few crypto websites.

Featured picture from Pixabay and chart from TradingView.com

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