- Cosmos ATOM continued rising on Friday as other cryptocurrencies tumbled.
- Cosmos and its key partners recently launched CometBFT.
Cosmos ATOM price drifted upwards on Friday even as other cryptocurrency prices nosedived. It rose above the important resistance level at $11. It jumped by more than 7.2% from its lowest level this week even as Bitcoin price crashed below the support at $20,000. The other tokens that did well on Friday were HFT, TKO, PAXG, and DREP.
CometBFT launch
Cosmos was one of the few cryptocurrencies that were in the green on Friday as stocks and crypto continued their deep sell-off. Most coins crashed because of the ongoing concerns about key American banks like SVB, the parent company of Silicon Valley Bank (SVB). A stock that was trading at over $600 a few months ago has now crashed below $100.
It is uncles why Cosmos price did well on Friday. For one, most tokens in its ecosystem like Osmosis and Kava also declined. A likely reason why ATOM price rose is that the developers unveiled CometBFT, which is a state machine replication engine for the interchain. They described it as the future of the Cosmos Consensus.
Read more: How to invest in Cosmos.
In their statement, the developers said that CometBFT will have a strong focus on the user, improve quality assurance, improve modularity, and implement faster functionality rollout. CometBFT was launched by some of the top developers in the ecosystem, including Anoma, Osmosis, Numia, and Cosmos among others.
Meanwhile, ATOM price is holding well as the US dollar index (DXY) plunges. The dollar index plunged by more than 1% after the mixed jobs jobs report. As I noted in this report, while the economy added more than 300k jobs, wage growth and the unemployment rate were worse than expected.
ATOM price prediction
The 4H chart shows that Cosmos price held quite well this week. It has now moved to the important resistance level at $11.13, which was the highest level on Thursday. The coin formed a hammer pattern, which is usually a bullish sign. It remains below the 50-period and 100-period moving averages.
Therefore, I suspect that ATOM will rise and retest the resistance level at $11.55 and then resume the bearish trend. At this moment, it is simply too difficult to recommend investing in cryptocurrencies and other risky assets.
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