ATOM Records Multi-Week High, Daily RSI Shows Bullish Formations

ATOM records multi-week high with the prices earlier in the day showing a bullish formation so let’s have a closer look at our latest altcoin news.

The ATOM/USD pair reached its highest level since June 10 with the prices falling below the $10 threshold so after the 4^th of July celebrations, when the prices hit $8.14, ATOM reached a new high of $9.27. The price of ATOM increased a bit over the past week with the revelation that by September, the Cosmos projects will be able to attain the highest level of security in the system. Cosmos enables the developers to design blockchains that are easily interoperable.

ATOM records a multi-week high and the coin saw some major expansion since the start of July. It increased by 30% and then by 42% since the announcement of the anticipated incorporation into the ThorCHAIN. This year’s news of Cosmos’ move to the Interchain Security protocol which will improve its security, contributed to the clear rise of the price. ATOM has been trending upwards since the middle of June and then produced its first higher low while breaking through a short-term resistance band. The daily chart is more bullish than it is bearish and this is because the RSI rating is quite positive. The RSI was bigger than 50 and indicated bullish momentum during the past few weeks.

After producing a bullish divergence, the RSI increased above the oversold level and then closed a swing bottom which is another positive development. The daily chart is more bullish and this is because the RSI rating is positive at over 50. after producing this bullish divergence, the RSI climbed above the oversold territory and after the recent increases, ATOM could be poised to surpass $10 as the bullish pressure enhances. The recent trend has been on the rise after the Tuesday peak and gains slowed with some investors choosing to leave rather than to pursue more gains.

The concerns came up when the prices reached a point of $9.10 which hasn’t been breached for a few weeks now. The price charts are favorable for the bullish participants and the RSI supported the positive outlook as it was over 50, exhibiting an uptrend in the past week. In the meantime, the bullish aTOM prices predictions are unlikely to be realized as long as the BTC price remains in a decline. With the BTC price stabilizing, the cryptocurrneices could experience a short rally. If BTC falls to new lows, the situation for coins like ATOM could become dire.