ATOM jumped 36% as of late with the traders assessing the prospects of a major technological update on its Cosmos parent blockchain so let’s read more about today’s altcoin news.
ATOM jumped 36% on a week-to-date timeframe and the update will start enabling the Cosmos-based chains to connect using the first standardized protocol for the inter-blockchain communication which means that the chains will securely exchange data and token value and each other which makes the first global public ledger to achieve this milestone.
The Stargate upgrade will introduce “Protobuf Migration” which aims to speed up the front-end development by including even more transactions on the block, reducing gas fees, and supporting a few programming languages:
“We expect [the] transaction throughput of the Cosmos Hub (and others that upgrade) to increase by 10x to 100x. This will be very important for the Cosmos Hub to handle an ever-increasing volume of cross-chain transactions. It also makes it easier on the nodes that run the network.”
The traders flocked into the ATOM market and anticipated that the hype around this upgrade will boost the crypto’s adoption among technologists and speculators as well. The cost to purchase one ATOM token reached a new all-time high of $26 which marks a 36% increase over the week. Part of the reason is the ATOM’s crucial role in running the network. It operates as a settlement token for everyone that stakes their assets in the Cosmos liquidity pool while giving them the right to introduce new proposals to make changes to the Cosmos protocol. All ATOM holders benefit from the fees that the platform generates by allowing transactions through the hubs.
— Blackbeard (@crypto_blkbeard) February 16, 2021
With the ATOM price rallying, the analysts expect the blockchain to refresh the record high and some anticipate that it will continue pushing higher with more capital flowing in from the BTC markets, noting an imminent upside push in the ATOM/BTC instrument:
“The higher high-higher low sequence [is] flipping resistances into support (latest at ~38k sats). [ATOM is] currently breaking above ~47k with a new spike in volume. “It is” looking good and still a long way toward ’20 highs (76k-60%).
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On the other hand, the ATOM market seems overheated right now with the RSI entering the overbought territory which leads to a consolidation trend if the fundamentals are strong enough. If the bearish correction starts, the next downside target for the ATOM/USD is near the $18 based on the history’s support and resistance junction.
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