{"id":638839,"date":"2024-08-30T20:00:17","date_gmt":"2024-08-30T20:00:17","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=638839"},"modified":"2024-08-30T15:41:41","modified_gmt":"2024-08-30T15:41:41","slug":"cosmos-atom-on-downward-spiral-with-23-losses-as-market-fud-worsens","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/cosmos-atom-on-downward-spiral-with-23-losses-as-market-fud-worsens\/","title":{"rendered":"Cosmos (ATOM) On Downward Spiral With 23% Losses As Market FUD Worsens"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The market has been seen to further dip as major cryptocurrencies continue to fall towards their most recent support levels. This only amplified the losses of the altcoin market to bring tokens like Cosmos (ATOM) down to the ground. According to <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/cosmos-hub\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinGecko<\/span><\/a><span style=\"font-weight: 400\">, the token has lost almost 23% since last month and drags any hope for recovery to higher price levels.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/market-slip-drags-injective-down-16-despite-ongoing-developments\/\" target=\"_blank\" rel=\"noopener \">Market Slip Drags Injective Down 16% Despite Ongoing Developments<\/a><\/div>\n<p><span style=\"font-weight: 400\">Despite its recent underperformance, the Cosmos ecosystem saw developments that may stem the bearish tide. However, it remains to be seen whether these recent on-chain developments have a definite effect on ATOM\u2019s future performance.\u00a0<\/span><\/p>\n<h2><strong>Balanced DAO Adopts Inter-Blockchain Communication Protocol (IBC)<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">The official Cosmos X account recently <\/span><a href=\"https:\/\/x.com\/cosmos\/status\/08470666\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> that Balanced, a stablecoin platform and decentralized exchange, has adopted the Inter-Blockchain Communication (IBC) protocol, making it part of the Cosmos ecosystem. <\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Balanced enters the <a href=\"https:\/\/twitter.com\/hashtag\/interchain?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#interchain<\/a><\/p>\n<p>Through the IBC integration, <a href=\"https:\/\/twitter.com\/BalancedDAO?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@BalancedDAO<\/a> brings its cross-chain DeFi platform to Cosmos SDK chains &#8211; with connections to <a href=\"https:\/\/twitter.com\/archwayHQ?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@archwayHQ<\/a> &amp; <a href=\"https:\/\/twitter.com\/injective?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@injective<\/a> already live.<\/p>\n<p>In the blog post below, learn more about Balanced \u2b07\ufe0f<a href=\"https:\/\/t.co\/igDR3YdNfp\" rel=\"nofollow\">https:\/\/t.co\/igDR3YdNfp<\/a><\/p>\n<p>\u2014 Cosmos &#8211; The Interchain \u269b\ufe0f (@cosmos) <a href=\"https:\/\/twitter.com\/cosmos\/status\/08470666?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 27, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">According to their <\/span><a href=\"https:\/\/blog.cosmos.network\/bringing-balanced-to-the-interchain-ff598e2af783\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">blog post<\/span><\/a><span style=\"font-weight: 400\">, Balanced adopted the IBC as a means to connect to as many chains as possible, improving on-chain scalability while providing proportional security.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Impressively, the implementation phase of the IBC adoption went smoothly with developers on Balanced opened communication channels between the Balance chain and the IBC without requiring a hard fork for the network\u2019s existing cross-chain connections. Cosmos benefits through Balanced\u2019s large connection pool with big names like Solana, Polygon, and many more.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">$1.03b in transfers and 2.3m monthly active accounts: 30d IBC Network Stats from July &#8211; August. \ud83d\udd25<\/p>\n<p>Let&#8217;s explore the <a href=\"https:\/\/twitter.com\/MapOfZones?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@mapofzones<\/a> \ud83d\udc47<\/p>\n<p>This month, 118 chains were actively connected through IBC and processed $1.03b in transaction volume.<a href=\"https:\/\/twitter.com\/osmosiszone?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@osmosiszone<\/a> drove the highest IBC volume\u2026 <a href=\"https:\/\/t.co\/bgav1S9Oh7\" rel=\"nofollow\">pic.twitter.com\/bgav1S9Oh7<\/a><\/p>\n<p>\u2014 IBC (@IBCProtocol) <a href=\"https:\/\/twitter.com\/IBCProtocol\/status\/79899274?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 28, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">This contributed to Cosmos\u2019s most recent <\/span><a href=\"https:\/\/x.com\/IBCProtocol\/status\/79899274\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">achievement:<\/span><\/a><span style=\"font-weight: 400\"> reaching 2.3 million monthly active accounts and over $1 billion in transfers. The accomplishment comes after the fact that the network has reached over 118 chains connected through IBC this month.\u00a0<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/kA5PNJDG\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">ATOM market cap currently at $1.8 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Cosmos\u2019s largest achievement by far is the growing adoption of IBC as a cross-chain communication standard. IBC\u2019s security while still being flexible and scalable makes it an attractive solution for cross-chain communication.<\/span><\/p>\n<h2><strong>Cosmos: $4.6 Reveals Significant Hurdle For ATOM\u2019s Upside Potential<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">ATOM is wrestling control of $4.6 in the short term with the bulls attempting to flip it to support. This bullish behavior suggests that investor sentiment has been strengthened by the recent on-chain developments that occurred within the last 2 weeks.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-638841\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_aa454e.png?resize=562%2C248\" alt=\"\" width=\"562\" height=\"248\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_aa454e.png?w=562 562w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_aa454e.png?w=460 460w\" sizes=\"(max-width: 562px) 100vw, 562px\"><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/xrp-gains-ground-20-of-institutional-investors-embrace-the-crypto\/\" target=\"_blank\" rel=\"noopener \">XRP Gains Ground: 20% Of Institutional Investors Embrace The Crypto<\/a><\/div>\n<p><span style=\"font-weight: 400\">This <\/span>leaves investors with an open road toward $6, but before this potential is realized, ATOM bulls should focus on the short-term flip of $4.6 as a support level. The token revisited this price level two times already; third if its current position is counted.<\/p>\n<p><span style=\"font-weight: 400\">This makes $4.6 both a significant support level and a hurdle for any upward potential. If the bulls fail to take this price level, the bears will eye $4 as a target. This places ATOM at a significant disadvantage with no solid support in the long term.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, bullish success on this level bodes well for ATOM as the token will stabilize on the $4.6-$5.1 range, giving enough wiggle room for short and medium term gains while securing a long-term solution for a climb toward $6.\u00a0<\/span><\/p>\n<p><em>Featured image from Medium, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The market has been seen to further dip as major cryptocurrencies continue to fall towards their most recent support levels. This only amplified the losses of the altcoin market to bring tokens like Cosmos (ATOM) down to the ground. According to CoinGecko, the token has lost almost 23% since last month and drags any hope for recovery to higher price levels. Related Reading: Market Slip Drags Injective Down 16% Despite Ongoing Developments Despite its recent underperformance, the Cosmos ecosystem saw developments that may stem the bearish tide. However, it remains to be seen whether these recent on-chain developments have a definite effect on ATOM\u2019s future performance.\u00a0 Balanced DAO Adopts Inter-Blockchain Communication Protocol (IBC) The official Cosmos X account recently announced that Balanced, a stablecoin platform and decentralized exchange, has adopted the Inter-Blockchain Communication (IBC) protocol, making it part of the Cosmos ecosystem. Balanced enters the #interchain Through the IBC integration, @BalancedDAO brings its cross-chain DeFi platform to Cosmos SDK chains &#8211; with connections to @archwayHQ &amp; @injective already live. In the blog post below, learn more about Balanced \u2b07\ufe0fhttps:\/\/t.co\/igDR3YdNfp \u2014 Cosmos &#8211; The Interchain \u269b\ufe0f (@cosmos) August 27, 2024 According to their blog post, Balanced adopted the IBC as a means to connect to as many chains as possible, improving on-chain scalability while providing proportional security.\u00a0 Impressively, the implementation phase of the IBC adoption went smoothly with developers on Balanced opened communication channels between the Balance chain and the IBC without requiring a hard fork for the network\u2019s existing cross-chain connections. Cosmos benefits through Balanced\u2019s large connection pool with big names like Solana, Polygon, and many more.\u00a0 $1.03b in transfers and 2.3m monthly active accounts: 30d IBC Network Stats from July &#8211; August. \ud83d\udd25 Let&#8217;s explore the @mapofzones \ud83d\udc47 This month, 118 chains were actively connected through IBC and processed $1.03b in transaction volume.@osmosiszone drove the highest IBC volume\u2026 pic.twitter.com\/bgav1S9Oh7 \u2014 IBC (@IBCProtocol) August 28, 2024 This contributed to Cosmos\u2019s most recent achievement: reaching 2.3 million monthly active accounts and over $1 billion in transfers. The accomplishment comes after the fact that the network has reached over 118 chains connected through IBC this month.\u00a0 Cosmos\u2019s largest achievement by far is the growing adoption of IBC as a cross-chain communication standard. IBC\u2019s security while still being flexible and scalable makes it an attractive solution for cross-chain communication. Cosmos: $4.6 Reveals Significant Hurdle For ATOM\u2019s Upside Potential ATOM is wrestling control of $4.6 in the short term with the bulls attempting to flip it to support. This bullish behavior suggests that investor sentiment has been strengthened by the recent on-chain developments that occurred within the last 2 weeks.\u00a0 Related Reading: XRP Gains Ground: 20% Of Institutional Investors Embrace The Crypto This leaves investors with an open road toward $6, but before this potential is realized, ATOM bulls should focus on the short-term flip of $4.6 as a support level. The token revisited this price level two times already; third if its current position is counted. This makes $4.6 both a significant support level and a hurdle for any upward potential. If the bulls fail to take this price level, the bears will eye $4 as a target. This places ATOM at a significant disadvantage with no solid support in the long term.\u00a0 However, bullish success on this level bodes well for ATOM as the token will stabilize on the $4.6-$5.1 range, giving enough wiggle room for short and medium term gains while securing a long-term solution for a climb toward $6.\u00a0 Featured image from Medium, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":638854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,37576,37575,6664],"class_list":["post-638839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-atom","tag-cosmos","tag-crypto"],"acf":[],"yoast_head":"\n<title>Cosmos On Downward Spiral With 23% Losses As FUD Worsens<\/title>\n<meta name=\"description\" content=\"The market has been seen to further dip as major cryptocurrencies continue to fall towards their most recent support levels. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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