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A widely followed crypto analyst says it could be time for two Ethereum rivals to start shining.
In the latest TechnicalRoundup newsletter, the pseudonymous analyst known as Cred takes a look at Cosmos (ATOM).
Cosmos aims to be an ecosystem of blockchains designed to scale and interoperate with each other. According to Cred, layer-1 altcoins are still hot and it may be time for Solana (SOL), Terra (LUNA), and Avalanche (AVAX) to pass the torch to ATOM.
“It’s still Layer-1 season in altcoin land, and the market is already becoming bored of SOL-LUNA-AVAX. The somewhat new shiny thing is Cosmos (ticker: ATOM). We could make a fundamental-oriented argument for Cosmos specifically based on inter-chain staking, the inter-blockchain communication protocol, and a bunch of other stuff that smart people have been writing about. Realistically… it’s an L1 that pumped less than a lot of others…”
The analyst names a couple of key levels to watch in ATOM, both in its USD pair (ATOM/USD) and Bitcoin pair (ATOM/BTC).
As for technicals, BTC and USD pairs are above key resistance levels. Cosmos looks strong as long as 0.00076 [$35.18] in the BTC pair and $28 in the USD pair are intact as support.”
Next on the docket is Harmony (ONE). Harmony is an open-source blockchain that can run Ethereum applications faster and at a lower cost.
Cred says he likes the fact that veteran crypto trader and fellow analyst Hsaka is also bullish on ONE. Because of his respect for Hsaka and some sound technical setups, the analyst says ONE is ready for rallies.
“Same rules as Cosmos are applicable. That is to say, [the] market looks like it’s forming a technical breakout on both pairs (360 sats-529 sats on the BTC pair, and roughly $0.30 on the USD pair). If it sticks, great. If it falls or flounders, the timing is probably off and Hsaka will be buying your liquidation.
As cynical as it may be, the market is always looking for something new and shiny to chase. We’re being honest and arguing that the new Hsaka basket is a likely benefactor, market conditions permitting.”
You can read the full TechnicalRoundup newsletter here.