invezz.com
The Cosmos (ATOM) price popped on Tuesday after the developers announced a partnership with Forte. The ATOM price rose by more than 8% and is trading at $34.40, bringing its total market capitalization to more than $7 billion. It is the 23rd biggest cryptocurrency in the world.
Cosmos and Forte partnership
Cosmos is a fast-growing blockchain project that was developed and is currently managed by the Interchain Foundation (ICF). The platform provides a base for interconnected decentralized applications.
The platform has more than 256 apps in its ecosystem that has a total value locked of more than $126 billion. Some of the most popular applications in the network are Binance Coin, Terra, Cosmos Hub, and Crypto.com Coin. ATOM is the native token for the ecosystem.
The ATOM price is rising after the ICF announced a deal with Forte, a platform for game developers and players. It also has non-fungible token (NFT) tools. Already, the company has already raised 4185 million from venture firms like Griffin Gaming. Already about 25 developers are building on the ecosystem. In a statement the grants manager at ICF said;
“Forte and Cosmos share a vision of applications and economies built around passionate communities. Now that the technology is mature, I’m thrilled to work with Forte who can onboard the next generation of game developers and users, bringing Cosmos gaming to the mainstream.”
The Cosmos price is also gaining momentum after the ICF announced the biggest HackAtom event ever. The event will see developers compete in order to win $1 million of ATOM pries. The registration will start on October 27.
Cosmos price prediction
The daily chart shows that the Cosmos price popped by more than 8% on Tuesday. Before that, the token had fallen by more than 23% from its all-time high. It has formed a bullish flag pattern and is slightly above the key support at $32.35, which was the highest level on May 27th. The coin remains slightly above the 25-day and 50-day moving averages.
It has also formed a break and retest pattern. This is where the price retests an important support or resistance level that it has just crossed. Therefore, there is a likelihood that the ATOM price will resume the bullish trend. This view will be confirmed if the price manages to move above its all-time high at $44.75.