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Cosmos Struggles With $17 As Price Heads Into Distribution Phase

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Cosmos Struggles With $17 As Price Heads Into Distribution Phase
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  • ATOM struggles to break $17 as the price gets rejected.
  • The price of ATOM enters the distribution phase on a daily timeframe.
  • ATOM’s price needs to hold the key support at $12 to maintain a bullish structure.
  • Hidden bearish divergence resurfaces in the 4H timeframe.

Cosmos (ATOM) has been the major player of the current relief bounce, with price rallying from a region of $6 to $17, with many paying so much attention to its ecosystem as this could prove to be a major player also in the bull run. The price of Cosmos (ATOM) showed so much strength, holding pretty well against tether (USDT) as the market continued to decline in price.

Cosmos (ATOM) Price Analysis On The Weekly Chart 

Despite a decline in its price from $45 to $6, over 70% decline from its all-time high, the price of ATOM showed great strength as price bounced from its weekly low of $6, rallying to a high of $17 before facing a rejection to break above that region to higher heights.

The price of ATOM on the weekly chart looks strong despite seeing more sell orders lately as the price continues to hold. For ATOM to resume, its bullish sentiment price needs to rally and break above $17, as this has proven to be a resistance to ATOM prices.

ATOM’s price is trading at $14.3 below its resistance; the price of ATOM needs to hold above $12 to avoid the price from going lower due to the sell-off. If the price of ATOM holds this region, there could be more belief of a rally to its resistance at $17 and possibly breaking and holding above this region.

A break below $12 would mean retesting lower demand zones and reluctance for bulls to step into buy orders as there would be more agitation for lower prices. 

For ATOM’s price to restore its bullish move price need to break and hold above the $17 resistance preventing the price of ATOM from trending higher. If the price of ATOM keeps rejecting the trendline resistance, we could see the price going lower as there are more sell orders than buy orders. 

Weekly resistance for the price of ATOM – $17.

Weekly support for the price of ATOM – $12.

Price Analysis Of ATOM On The Four-Hourly (4H) Chart

Four-Hourly ATOM Price Chart | Source: ATOMUSDT On Tradingview.com

The 4H timeframe for ATOM prices continues to weaken as prices break to the downside, as there seems to be a hidden bearish divergence suggesting the price of ATOM could retest the support area at $13.

On the 4H timeframe, the price of ATOM is currently trading at $14.5 below the 50 Exponential Moving Average (EMA), acting as resistance for ATOM price. The price of $15.2 corresponds to the resistance at 50 EMA for the price of ATOM. The price of ATOM needs to hold the support area at $13, which corresponds to the 200 EMA. 

Four-hourly resistance for the ATOM price – $15.2.

Four-hourly support for the ATOM price – $13.

Featured Image From zipmex, Charts From Tradingview 

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Cardano Founder And ETH Dev Get Into A Tussle of Word On Twitter

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Cardano Founder And Eth Dev Get Into A Tussle Of Word On Twitter
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Twitter threads from last week reveal a series of heated arguments between Cardano founder and Ethereum’s co-founder, and Vitalik Buterin.

Amid several backlashes caused by lapses in the Ethereum Upgrade, the co-founders argue over the execution of the POS consensus mechanism. A lot has transpired within the past days after the Ethereum upgrade. Also, there are more like the Shanghai upgrade to come.

On Saturday, 24 September, Evan Van Ness, a Web3 investor, expressed his opinion regarding the Ethereum merge. Van asserted that the last ten days after the merge are evidence the merge should have happened earlier.

Buterin seeing Van Ness’s tweet, agreed with him, saying they should have implemented an NXT-like chain based on POS.

Charles Hoskinson Claims Ethereum POS Is a Bad Design

Hoskinson joined the Buterin-Van Ness conversation, saying there should be a Snow White protocol to ensure faster POS migration. Hoskinson’s opinion didn’t go well with the others, which resulted in an argument between him, Van Ness, and other Ethereum developers.

Snow White is a protocol that provides end-to-end proof of security for POS systems. Hoskinson has been an advocate of Snow White for many years. Hoskinson claimed his idea for the Ethereum network’s technical upgrade in 2014 was better than the present upgrade.

Van Ness recalled that Hoskinson got removed from Ethereum due to his bad behavior and lack of notable technical contributions. Hoskinson accused Ethereum developers of ignoring Ouroboros in the last five years.

Ouroboros is a secure proof-of-stake blockchain and the first peer-review researched based protocol. He also said the present version of the proof-of-stake upgrade is not well-designed.

In their argument, Hudson Jameson, Ethereum’s core developer, responded to Hoskinson’s Ouroboros implementation claims. Jameson told Hoskinson that Ethereum developers hated Cardano because of his actions and behaviors.

The Ethereum developer also spoke of Hoskinson’s ill-treatment of Ethereum while he created Cardano. He also said Vatalik had reviewed Ouroboros.

Charles Hoskinson On Success Of Cardano

Hoskinson boasted that Cardano is not dependent on cryptocurrency to succeed and that they’ve grown to billions without mass adoption.

Although similar arguments are not new between Hoskinson and the Ethereum developers, it shows how detached from each other the two blockchain’s have become.

Both Ethereum network and Cardano are in the middle of intensive upgrades, but Hoskinson is known for his bullish opinions on his previous projects.

Cardano Vasil Upgrade and hard fork took place on Thursday, 23 September. Input Output Hong Kong (IOHK), the blockchain company behind Cardano, announced the successful upgrade via Twitter.

Cardano mounts on the chart l ADAUSDT on Tradingview.com

IOHK stated the hard fork upgraded the network to block transmission without full validation to enable faster block creations. The Plutus smart contracts upgrade was for increased efficiency and a low-cost running of decentralized applications.

Featured image from Pixabay, Chart: TradingView.com

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Almost $1 Million Stolen in Ethereum ‘Vanity Address’ Exploit

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Almost $1 Million Stolen In Ethereum ‘Vanity Address’ Exploit
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