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UpBots Academy – Know your coins: ATOM - UpBots Academy – Know your coins: ATOM

UpBots Academy – Know your coins: ATOM

Last week we analyzed the NEAR project, this week let’s focus on another rather old crypto, ATOM.

Creation

The development of the Cosmos project is mainly led by Tendermint Inc, a private for-profit entity, while the funding for the development comes from the Interchain Foundation, a non-profit organization based in Switzerland. The latter was responsible for carrying out the ICO in 2016.

Instead of fostering division between the various existing crypto-assets, Cosmos wants to bring them together. To do this, the project wants to ensure that it promotes interoperability between the different blockchains and creates the “Internet of blockchains.” The ATOM token is the native cryptocurrency that powers the Cosmos ecosystem.

Use

Tendermint Core: an open-source blockchain development platform. Anyone can easily integrate a decentralization layer into their application using this feature. Terndermint Core will use Byzantine Fault Tolerance (BFT) consensus to be able to process 250,000 transactions per second.

Cosmos SDK: a developer kit that makes it easy to create a secure blockchain application on top of Tendermint. According to the developers, creating a blockchain should be no more complicated than coding a few modules with this tool.

Inter Blockchain Communication Protocol (IBC): This third component allows communication between all existing individual blockchains.

Technical point of view

From a technical point of view, ATOM is just above its support zone located at $6.33 after having fallen more than 85% since the beginning of the downward trend.

The daily technical picture is positive again with a positive MACD and WaveTrend, although the MACD is almost flat. On a 4-hour time frame, the indicators are neutral with a positive MACD but a WaveTrend that has not yet crossed over to the upside.

What to do now?

If ATOM manages to stay above the $6.30 level, it will be the first sign, the next one will be a breach of the $7.50 level before eventually entering a retracement.

ATOM chart

How to profit on the Upbots platform?

We have only one bot trading ATOM on our platform that allows you to trade long-only sides.

It’s pretty good, right? Come and try it for yourself!

Conclusion

And here is another new coin that no longer holds any secrets for you! This one was a different project in comparison with all the others we covered in this series. Next week, we will discuss another very interesting project, ATOM.

See you next week!

 

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