ATOM coin price gives a bearish fallout of the rising expanding wedge pattern. But lack of follow-through halts the downfall. Cosmos utilizes a proof-of-stake consensus algorithm. Validator nodes who stake greater amounts of ATOM tokens have a higher chance of being selected to verify transactions and receive rewards. Nodes discovered to be dishonest are penalized and may lose the tokens they have to stake. Cosmos compares its native token with ASICs which are utilized in mining Bitcoin. In a technical paper composed by members of the Tendermint team, it was stated: “It is a piece of virtualized hardware (economic capital) that you need to obtain in order to participate as a keeper in the network.” Let us move ahead to read about Cosmos technical analysis. Past Performance of ATOM The ATOM coin price struggles to rise above the high selling pressure at $45 resulting in a downfall. The price action shows a free fall of more than 10% in the past 24 hours. The free fall leads to the formation of a bearish engulfing candle in the daily chart. However, the lack of bearish commitment evident by the fall in trading volume questions the dominance of bearish powers. ATOM/USD Daily Chart ATOM Technical Analysis The ATOM coin price action shows a bearish fallout of an ascending broadening wedge pattern in the daily chart. However, the high demand zone between $32 and $35 can result in a bullish reversal, driving the price back above the ...
