Should I buy Cosmos at $10 in July?

Cosmos (ATOM) has extended its correction from the record highs. Here are the important support and resistance levels

Cosmos ATOM/USD is on a mission to create a network of cryptocurrency networks, all of which are combined through open-source software that streamlines their transactions. 

The ATOM token, which is the native token of Cosmos, plays a key role when it comes to interoperability between all of the zones in the wider Cosmos network. 

ATOM is mainly used for staking, spending, staking or holding, and has the potential of becoming a lot more valuable as more blockchains are built on the network, all of which rely on the Cosmos Hub to maintain their transaction history.

Functionality and value of ATOM

ATOM serves another purpose, and it provides users with the opportunity to vote on the network upgrades. This is an incentive that is bound to make a lot of people desire the ATOM token.

On June 15, the Cosmos Hub Roadmap 2.0 was announced, which showcased the vision of blockchain interoperability, scalability and usability. This is what increased the level of interest surrounding the ATOM token, which jumped from $5 in early January up to $9 following this announcement. 

As an example of the power of the ATOM token, on June 28, Cosmos announced that the proposal to adopt the Gravity DEX protocol onto the Cosmos Hub was in voting period. 

As such, all ATOM holders had the opportunity to vote on this change.

On June 29, Cosmos launched the “Code With Us Workshop”, where developers had the opportunity to join a walkthrough on how they can create their own blockchain using Starport and make use of the Gravity DeX protocol. 

Through events and workshops such as these, Cosmos is pushing interest in their system. The more blockchains that end up being built on Cosmos, the higher the usage, as well as the value of ATOM, will rise as a result.

On June 30th, Starname, an easy bridge between blockchains and social media, successfully joined Stargate, which made it a part of the internet of blockchains which is powered by Cosmos.

Should you buy Cosmos (ATOM)?

On July 1, the price of ATOM was $10.95.

One of the lowest points that it got throughout June was to the $8.60 range, while its highest point occurred on June 3 at $17.

This gives us a perspective of how low the token has gone as of recently, and how high it has had the opportunity to rise in value.

When we put its recent developments into the bigger picture, with workshops such as the “Code With Us Workshop”. 

As a result, this ended up raising interest in the concept of building entire blockchains in mind, as well as the addition of other blockchains into Stargate. 

We can see the value of it rising by the end of July to the $15 mark.

Stargate is a set of upgrades that adds new capabilities as well as performance improvements to the blockchains built with the Cosmos software developer kit (SDK). 

This provides easy access for developers, which will build new blockchains running on it, and as a result, increase the demand, as well as usage for the ATOM token that can drive the price up.

At the $10 price range, ATOM is a worthwhile investment in the future of blockchain interoperability.

The post Should I buy Cosmos at $10 in July? appeared first on Invezz.

Publication date: 
07/01/2021 - 22:08
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.