Cosmos (ATOM) price surges despite most altcoins in the red

Cosmos (ATOM) price surges despite most altcoins in the red
фото показано с : invezz.com

2020-8-27 13:38

The majority of the cryptocurrency market is trading in the red at the time of writing, after recently entering another correction. However, while this is the case for the majority of coins, it does not include all of them.

Cosmos (ATOM), for example, is still seeing price growth, currently sitting at $8.12, after growing by 1.45% in the last 24 hours.

Cosmos grows despite the market-wide correction

As many likely know, altcoin prices tend to follow large Bitcoin movements. Due to strong correlation and Bitcoin dominance, whenever the world’s largest crypto rises or falls, most coins tend to follow in its footsteps.

There were some examples of coins not doing so, and in rare instances, it was because some cryptos managed to decouple from BTC and follow their own path. A more common reason for not following BTC is some new development that has inspired investors to buy involved coins, despite the negative movement of the overall market.

This is also why ATOM is seeing its price grow right now, and why it even managed to breach a resistance at $8, which currently acts as a powerful support level. After spending quite a bit of time at the resistance at $6, ATOM surged rapidly between August 22nd and 23rd to breach the level at $8, and so far, it managed to remain above it.

Cosmos breaks $8 for the first time ever

While already noticeable due to the current circumstances, Cosmos’ surge is also notable because it allowed the coin to hit a new ATH. In surging past $8, Cosmos broke this resistance for the first time ever, and it kept going up until it reached an all-time high at $8.82.

The price was rejected by this level after the fact, and it currently sits much closer to $8. However, it managed to remain above this support. If the bearish wave moves past the crypto industry quickly enough, ATOM might manage to stay above this level and not end up being forced to break it.

Conclusion

Cosmos price recently breached a resistance at $8 for the first time ever, resulting in a new ATH, and showing investors that it can be an excellent opportunity for anyone interested in buying ATOM.

The post Cosmos (ATOM) price surges despite most altcoins in the red appeared first on Invezz.

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