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Cosmos (ATOM) price has weakened from $8.7 below $4 in less than three months and the current price stands around $5. There is still a level of uncertainty surrounding the Cosmos project but if the price jumps again above $6 the next target could be located at $7 or even $8.
Fundamental analysis: There is still a level of uncertainty
Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms. Before Cosmos, blockchains were siloed and unable to communicate with each other and Cosmos solves these problems with its technical vision.
Cosmos enables blockchains to transfer value with each other through IBC and Peg-Zones, while letting them retain their sovereignty. The main goal of Cosmos is to tackle the lack of interoperability in the market and it is important to say that ATOM is the native cryptocurrency of the Cosmos network.
It is important to mention that one of the main developers of the Cosmos blockchain, accused Cosmosās founder and CEO Jae Kwon of evading his responsibility to the project. āWhat Jae is doing isnāt decentralization, itās a transparent attempt to evade responsibility for Jaeās neglect and negligence to the Cosmos project,ā said Tendermint Director Zaki Manian in a Twitter thread.
There is still a level of uncertainty surrounding this project but Cosmos (ATOM) is one of the cryptocurrencies which you should definitely not ignore. We can also not forget that regulations on the cryptocurrency market can actually be a threat to this cryptocurrency.
Investors in Cosmos should have in mind that this is a still very risky cryptocurrency but now could be a good moment to trade Cosmos (ATOM).
Technical analysis: Bulls are focused on breaking the resistance level at $6
On this chart, I marked important resistance and support levels. The important support levels are $5 and $4.5 and $4, $6, $7 and $8 represent the resistance levels. If the price jumps above $6 it would be a ābuyā signal and we have the open way to $7.
Rising above $8 supports the continuation of the bullish trend for Cosmos (ATOM) and the next price target could be located around $9. On the other side, if the price falls below $4.5 it would be a strong āsellā signal and we have the open way to $4.
Summary
Cosmos (ATOM) price has weakened from $8.7 below $4 in less than three months and the current price stands around $5. There is still a level of uncertainty surrounding this project but Cosmos (ATOM) is one of the cryptocurrencies which you should definitely not ignore. If the price jumps above $6 the next target could be located at $7 or even $8.
The post Up or down? Cosmos (ATOM) price prediction for November appeared first on Invezz.
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.