26 C
Manchester
August 9, 2022
Image default
Bitcoin

Cosmos (ATOM) introduces interoperability –

Cosmos expanded interoperability with other blockchains. The move pushed ATOM’s tokna price over a key resistance barrier.

Cosmos ushers in the era of interoperability

In an almost unanimous vote, ATOM token holders have enabled the Cosmos Inter-Blockchain Communication (IBC) protocol. The new feature will allow the Cosmos blockchain to work in conjunction with other networks that have upgraded to the IBC standard. Essentially, this allows independent blockchains to transfer digital assets and data among themselves.

According to Tendermint CEO Peng Zhong, the approval of Proposition 41 is an important milestone in the evolution of the Cosmos ecosystem. It builds the foundations for interoperability.

Illegal token value transfer across chains is a historic moment in the timeline … We will continue to focus on building the Cosmos Hub as an interchain heart – enabling trade and connecting politically sovereign chains to create a new paradigm of economic exchange.

Zhong said.

Blockchains built on the native Cosmos consensus model – including Kava, Agoric, Foam, and Crypto.com – will likely be the first to adopt the IBC standard. This will put an end to online tribalism. The flexibility and open nature of this protocol can foster economic collaboration building a solid network ecosystem.

IBC token transfers are likely to significantly improve the visibility of Cosmos Hub. This, in turn, may have a direct impact on the price of the ATOM token.

ATOM breaks down the resistance

ATOM, the native token of the Cosmos blockchain, grew by more than 7.60% after the announcement of IBC activation.

The bullish momentum has allowed the cryptocurrency to break through a massive resistance barrier set by the short, medium, and long-term moving averages on the 4-hour chart. ATOM also broke the 61.80% Fibonacci retracement as a support and looks set to break the 50% retracement.

The SuperTrend indicator showed a buy signal in the same time frame that ATOM broke the resistance line. A further increase in pressure to buy could cause ATOM to increase towards 38.20% or 23.60% Fibonacci retracement.

These key areas are at $ 21.40 and $ 22.60 respectively.

source: Tradingview ATOM / USD

Given the interest and convergence of many indicators around $ 19.50, it will be hard for the bears to push the price down. At the moment, the bulls have an advantage.

Related posts

Gary Gensler, an expert on blockchain, will reportedly head the SEC under Biden’s rule –

Aparnna Hajirnis

US virtual currency mining company Layer1 to stabilize power consumption with “bitcoin battery”

Aparnna Hajirnis

Long vs Short – how do they differ? –

Aparnna Hajirnis

Leave a Comment