Assessing ATOM's odds of a bounceback after its latest breach

ATOM seemed to be flashing bullish signs after a strong downtrend kicked off last week. However, the market is now noting another crash, forcing ATOM to crash below its structural support.

Timeline of Cosmos

The decentralized stablecoin of Maker is coming to Cosmos after a collaboration with the cross-chain protocol Umee so let's read more today in our latest cryptocurrency news. After Terra's $40 billion implosions a month ago, the Cosmos ecosystem is n the hunt for a new decentralized stablecoin.

Blockchain developer toolkit and the backbone of Web3 infrastructure, SubQuery, has integrated with the Cosmos-based sandbox environment Juno to launch data indexing services for the Cosmos blockchain network. This added support comes on the heels of SubQuery's recent beta version launch for the Avalanche blockchain ecosystem.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Since attaining its ATH early this year, Cosmos (ATOM) has exhibited a persistent bearish tilt.

ATOM fell towards a three-week low on Thursday, as crypto markets were victim to yet another red wave. Overall, markets are down nearly 5% as of writing, with GRT dropping by almost 10% lower on the day. Cosmos (ATOM) ATOM dropped towards a three-week low during Thursday's session, as global crypto markets were nearly 5%

The Cosmos Builders Foundation has reportedly introduced its federation of crypto-native organizations “collaborating toward a more vibrant, egalitarian, and resilient Interchain economy.” In coordination with the Interchain Foundation, the Cosmos Builders Foundation is focused on “supporting the maintenance and development of infrastructural public goods for.

SOL was trading lower to start the weekend, as prices slipped on Saturday. This comes as bears re-entered the market following a week of consolidation. ATOM was one of the biggest movers, falling by 10%. Cosmos (ATOM) After climbing by over 15% on Friday, ATOM was one of the biggest losers on Saturday, as prices

The crypto market is showing signs of recovery, and it seems Cosmos has also been pulled in the same direction with an increase of 12% in the last 24 hours. Cosmos (ATOM), the 27th biggest cryptocurrency, has a total market cap of $3.2 billion.

Bitcoin was indecisive as it traded just above the $29k mark, and the altcoin market has been trading sideways in the past few hours as well. Cosmos rose above the $11.06 support level and held on, while Fantom and Chainlink appeared to trade within a range.

With tokens licking their wounds and healing from the unexpected bloodbath witnessed in May, some tokens haven't exactly followed the “slow and steady” path to recovery. One such token is ATOM, and the token witnessed a huge spike in its price in the past 24 hours.

ATOM had displayed optimistic price action recently after the coin rallied close to 14% a little over 48 hours ago. The coin had managed to undo the loss of 21% that it incurred in the past week with its recent rally.