Over the past few days, Cosmos Hub (ATOM) has shown remarkable stability and resilience in its price volatility, despite significant declines in the broader markets in cryptocurrency due to changes in trader sentiment. For three consecutive days, ATOM bulls managed to bounce back and maintain the price of the native token, despite the bearish momentum of Bitcoin that caused most altcoins to collapse.
Cosmos’ (ATOM) renewed strength and stamina price in crypto markets can be linked to new updates announced by the team behind the project.
Adoption Grows For Cosmos Replicated Security Model
In an exciting update, the Cosmos team Office has partnered yesterday that the first of its Replicated Security Model went live and got the adoption of a top smart contract and consumer chain platform.
Replicated Security brings a new era of utility for #ATOM ⚛️
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) May 11, 2023
Prior to this, the team announced in February that the launch of the Replicated security model is imminent and presents an opportunity for delegators and validators to obtain more tokens from future consumer chains by staking on the native token ATOM.
The Cosmos Replicated security model, a new and secure innovation, provides security to smart contracts and consumer chain platforms. The team announced and introduced Neutron as the first consumer chain and platform of smart contracts to use and apply the new and innovative security model Replicated.
By using Cosmos’ Replicated security model, smart contracts and consumer chains platforms like Neutron no longer have to worry about platform security but can now focus on other application and service areas, according to the official announcement.
As seen in an official tweet where the team made the announcement, it was also stated that the Replicated security model brings a new dawn and era of utility as dApps can now launch native security in ATOM.
This fundamental news of the Cosmos team may be behind ATOM’s recent display of strength and price stability despite the bearish market outlook seen in many cryptocurrencies.
Daily Chart Analysis For ATOM
Cosmos (ATOM) traded at $11.04, a 2.02% increase from its 24-hour low of $10.55, as seen from Coingecko data trading reports. ATOM’s market capitalization is also seen to increase by 1.10%.
On the daily timeframe, bulls pushed ATOM price above the key resistance at $10.90 and further extended to the $11.27 high before retracing.
The previous resistance turned support level on the daily price chart is a good place for bulls to build momentum and push the price of ATOM to the upside. Although the 50 and 200 Exponential Moving Averages (EMA) are immediate resistance levels, the bulls must fight them to confirm further moves.
On the downside, a break above the newly found support at $10.90 would signal further bearish moves for the asset.
Cosmos (ATOM) price seen to trade at newfound support after breaking the resistance level on the daily timeframe | Source: ATOMUSD on TradingView.com
Featured image from Forkast News, chart from TradingView.com