Cosmos’ native crypto continues its bullish run up to a 40% bullish gain while other cryptos ebb and flow; NEAR follows with a multi-week high.
The native coin of Cosmos protocol, ATOM continues to move upward, hitting new highs every day. At the time of writing, the crypto is trading at $14 after briefly hitting $16 earlier today. It had hit a 4-month high of $13.92 on Thursday amidst the broader crypto market bounce back.
That was after the Wednesday dip when ATOM price dropped to just below $12. Ever since the $6 dip in the middle of June, Cosmos token (ATOM) has been on an upward gliding triangle. Notably, ATOM has broken the Relative Strength Index (RSI) barrier and briefly hit $16.
Related Reading: TA: Bitcoin Price Trims Gains, Why $20K Is The Key To Fresh Increase
As of Thursday, crypto sites were still speculating if ATOM would hit the $15 mark as it continued to rise. Most of these sites opined that it would have to break its Relative Strength Index (RSI) barrier to achieve that. According to them, this hurdle would appear as a ceiling at 63.30.
However, ATOM cleared the barrier early this morning, trading at $16 before dropping to its current price, $14. This bullish run makes it a 40% gain ($10) within the space of 3 months.
Other Cryptos Rally in The Wake of Sell-odd on Wednesday
Additionally, this event comes alongside the wider market rallying from the ongoing massive crypto sell-off. The increasing strength of the dollar impacted crypto values negatively, causing a considerable market sell-off. This drove the price of tokens, like Ethereum Classic and Aave, to drop dangerously. ETC dipped by 12%, while Aave dropped by 7% on Tuesday. Another crypto Celsius fell by 11% as well.
However, by Wednesday afternoon, the affected coins were on the rise once again. In fact, Aave was trading at a higher position than before the dip. Analysts traced this recovery to a sharp drop in the US dollar Index around the same time.
NEAR Protocol Is Not Left Out In The Bullish Run
Another remarkable protocol amid these market movements is the NEAR network which reached a multi-week high coinciding with ATOM’s surge. Still, the NEAR token didn’t break its own hurdle remaining in the same $5 range. The token is currently trading at $4.55, according to data from Tradingview.
Related Reading: Bitcoin Takes A Blow After It Falls Below $22,000, Any Chances For A Bull Run
Nonetheless, COSMOS’ ATOM remains the “Biggest Mover” on the market at the moment. Amidst market volatility, the token continues to make significant headway. While other cryptos struggle with volatility from the rising US dollar index, the crypto has hit a 4-month high. As a result, ATOM has earned applause from numerous crypto sites.
Featured image from Pixabay and chart from TradingView.com
