Cosmos is a blockchain communication network that helps share and transfer files through the cosmos hub. It solves the interoperability problem of different decentralized networks by enabling them to connect seamlessly to different decentralized networks.
Cosmos was developed by Ethan Buchan and Jae Kwon in 2016. After the launch of the ICO, the mainnet went live in 2019. Later, Jae Kwon stepped down as a CEO, and Cosmos members changed the organization structure.
The interchain foundation is the backbone of the Cosmos ecosystem that the creator of the Cosmos founded. It is a Switzerland-based non-profit organization that supports the Cosmos ecosystem and strategically develops the network. ATOM is the native token of this ecosystem, with a total supply of 280 million. ATOM is used for the following purposes:-
- The ATOM token holders have the voting right on the network proposals.
- It is also used to pay gas fees on the network, which helps to prevent cyber attacks.
- Developers use ATOM to enable data transfer and file-sharing facilities.
- ATOM token is also used for staking and validating blocks on the blockchain.
The best part is Cosmos has solved the problem of interoperability. It has created a network puzzle, and any blockchain can use this network to create a connection with another decentralized blockchain network. It can also be used for staking rewards, and users can stake one ATOM for a staking reward of around 9.70% per annum. Would you like to buy ATOM for the long term? Visit here to know the Cosmos predictions before making the final decision.
For the short term, the ATOM was bullish since June, but now it has turned the momentum and is consolidating in the lower range of the Bollinger Bands from the last month. If Cosmos continues the momentum, it will take support around $9.5. While writing this post, ATOM was trading around $12.59.
We think it is not an ideal time to invest for the short term, but you can book the profit of the last five months to invest at a lower level. Most technical indicators are bearish, suggesting a downtrend for the next few weeks.
Based on the weekly chart, $10 is strong support for ATOM altcoin, so you can invest at this level. Otherwise, it is also a good time to invest at a level of $12 for the long term because the technicals are bullish, and Cosmos candlesticks are forming on the upper range of Bollinger Bands with positive MACD and RSI.