Cosmos is a Distributed Ledger Technology that allows different blockchain networks to communicate and exchange data with each other. It is the most scalable and customizable platform for building high-performance decentralized applications. It is also called the “Internet of blockchain” network that aims to solve three main problems- usability, interoperability, and scalability.
The best part is it runs on a Proof of Stake (PoS) consensus but solves the inherent problems of crypto networks that run on the Proof of Work (PoW) consensus. For example, Bitcoin runs on PoW consensus but faces issues with scalability.
Bitcoin can hardly do 5 to 10 transactions per second, but the Cosmos team claims to accommodate growing numbers of network users. They also think PoW-based blockchain networks are slow and expensive, but Byzantine Fault Tolerant (BFT) blockchain consensus can resolve these scalability issues properly.
The Cosmos team has years of experience in the industry and the capability to develop new technology in the crypto industry. We think you must consider Cosmos for the long-term portfolio, but before investing, please read the technical analysis to get a broader view of the ATOM price prediction.
At the time of writing this post, ATOM WAS trading around $14.10. It has been in an uptrend forming candlesticks in the upper range of the Bollinger Bands since the second week of June. It suggests a positive momentum in the crypto market.
The Cosmos (ATOM) price has crossed the resistance around $13. Most technical indicators reflect bullishness for the short term, so we think it is an ideal time to invest for the short term.
The long-term chart is bullish because candlesticks are forming in the upper range of the Bollinger Bands, but we think Cosmos may face resistance around $15; if it crosses the level, the next resistance will be $25.
MACD and RSI are bullish, so we think you should consider ATOM for long-term or medium-term investments. It will provide huge returns on investment which is great for the medium term.