ATOM's Prices Soar to New Heights

On Tuesday, the price of ATOM (Cosmos) rose as it hit a multi-week high earlier in the day.

On Wednesday, the ATOM/USD pair dropped below the $10 mark, which caused its price to fall.

After the Independence Day festivities, when the price of ATOM fell to $8.14, it reached its peak of $9.27 in a single day.

Within the past several weeks, the price of ATOM has increased significantly following the revelation that Cosmos projects could reach the highest level of security in the ecosystem by September.

Cosmos enables developers to create blockchain networks that can easily work with other blockchains.

ATOM has seen a 30% increase in value this month after it was listed on the exchange

Since the beginning of July, the value of ATOM has increased by more than 30 percent, and by 42 percent since the announcement of its anticipated integration into THORChain.

The news of Cosmos's switch to the Interchain Security protocol, which has significantly improved the security of Cosmos Hub and the performance of the entire ecosystem, contributed to the sharp increase in ATOM's price.

Since mid-June, ATOM has been trending upwards, and on June 30 it produced its first higher low. The coin is currently breaking through a short-term resistance band.

The daily chart is more bullish than bearish. This is because the relative strength index rating is hugely positive. The RSI was greater than 50, indicating bullish momentum during the preceding few weeks.

After the RSI diverged to the upside, it rose above its oversold level and formed a swing bottom, which was a good sign.

ATOM's price is expected to rise above $10

After recent increases, it is possible that ATOM will surpass $10 again as bullish pressure builds. Despite the recent trend of increasing prices, after Tuesday's peak, gains slowed and some investors chose to leave instead of seeking out more profits.

When the price of Bitcoin reached $9.10, which hasn't been breached for a while, many were concerned that it was going to be too high.

The bullish market participants are in a good position, as the price charts indicate. Furthermore, the RSI showed that it is overbought and trending higher during the last seven days.

As long as Bitcoin price stays in a downtrend, bullish forecasts for ATOM's price are unlikely to come true.

If the BTC price stabilizes, cryptocurrencies may see a relief rally. In the event that Bitcoin drops to new lows, however, ATOM's situation could become dire.