Cosmos (ATOM) is up 30% as it gets added to Huobi wallet

30 May, 2019 | Updated: 30 May, 2019
by Will Heasman
Price Action
Cosmos (ATOM) is up 30% as it gets added to Huobi wallet

Cosmos (ATOM) Is currently on an impressive rally, following both the news that Huobi has added the nascent cryptocurrency to its wallet and some solid technical…

Cosmos (ATOM) up 30%, at a price of around $6.

ATOM/USD Chart provided by Tradingview

Why is Cosmos (ATOM) Up? 

On the developmental side of things, it appears the rise is partly due to Houbi adding the asset to its wallet. A Tweet from the exchange noted that ATOM was integrated into Huobis multichain wallet earlier today.

Interestingly, however, it seems technical analysis had something to offer towards the rise as well, as many analysts predicted a hike in price action in the days leading up to the hike. Many pointed out that ATOM was reaching the apex of a bull pennant, with strong support beneath:

  

This isn’t the first time ATOM has pumped. In its infancy ATOM has seen multiple bullish rallies, thanks to early listings on Kraken, and Binance, (and a particularly notable shoutout from the Binance Boss himself)

What is Cosmos (ATOM)?

The project was described by Forbes as a “world wide web for blockchains.” Essentially the network acts as an interoperable platform from developers upon which tokens from several different chains can be utilized on another.

Cosmos also aims to solve the on issue plaguing most blockchains: Scalability. By employing proof-of-stake powered by a Byzantine-fault-tolerant consensus engine known as Tendermint, Cosmos overcomes this obstacle.

Did you manage to grab a bag of ATOM? Let us know in the comments!

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Poll

Will Cosmos continue to rise?

(3 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage