In the recent V17 upgrade, Cosmos Hub encountered a brief chain interruption that was swiftly resolved. As of now, the price of ATOM stands at $8.61, hinting at a possible recovery trend.
Earlier today, Cosmos X reported a temporary disruption in chain operations at the Cosmos Hub. During the V17 upgrade, Hub validators quickly addressed the issue by patching a security vulnerability in the Liquid Staking Module (LSM). After most validators implemented this crucial patch, the Cosmos Hub resumed block production, bringing back normalcy to its operations.
Known as a pioneering blockchain in the vast Cosmos Network ecosystem, the Cosmos Hub operates on a proof-of-stake consensus mechanism, utilizing its native ATOM coin. Stakers in the network play a vital role in securing the network and earning rewards, thus enhancing its stability and efficiency. Furthermore, the Hub is recognized for offering robust tools and libraries specifically designed for blockchain application development.
Despite the temporary disruption, the price of the Cosmos native token, ATOM, remained largely stable. With altcoins showing signs of recovery, ATOM emerges as a promising candidate for a bullish resurgence.
As Cosmos approaches a $4 billion market cap, ATOM demonstrates positive price movements. The weekly chart suggests a sideways trend above $8, with $8 identified as a key support level on the daily chart, challenging the 50-day EMA resistance.
In the past 24 hours, ATOM has seen a 2.5% increase from $8.55 to $8.73, with a market cap of $3.5 billion. Positioned for a breakout after two months of consolidation, ATOM hints at a potential shift in sentiment.
This bullish momentum in ATOM’s price sparks speculation about a potential recovery trend in 2024. Currently trading at $8.616, ATOM experienced a 0.67% intraday pullback after two bullish daily candles. Nevertheless, ATOM has declined by approximately 8.07% in the last month.
