Cryptocurrencies are pumping, but ATOM is lagging.
ATOM’s fundamentals remain strong, and its staking rewards are above average.
ATOM is trading in a symmetrical triangle, signaling a potential breakout.
The crypto market has been pumping for the past week and is now close to testing the $2 trillion market cap. In an environment where some altcoins are up by over 50%, Cosmos ATOM/USD hasn’t moved one bit. It has lost a little bit of its value in the last 7-days. At this point, it is only natural to wonder, is ATOM worth HODLING.
Cosmos happens to be one of the most misunderstood cryptocurrencies today. This has a lot to do with its tokenomics. Unlike Bitcoin, Cosmos is an inflationary cryptocurrency. This gives a lot of investors jitters about investing in it.
However, one thing that is often forgotten is that the real deal when holding Cosmos is staking. Cosmos happens to have some of the highest staking rewards of the major cryptocurrencies. For instance, at the moment, some exchanges are offering an APY of up to 30% for anyone staking ATOM for 120-days. This can easily offset losses from price fluctuations in between. At a time like this, when the crypto market is not fully in the clear yet, a cryptocurrency with such a high APY like ATOM is an advantage for investors.
Besides, Cosmos happens to be one of the fundamentally strongest cryptocurrencies. Thanks to its IBC technology that is making it easy for different blockchains to communicate with each other, its ecosystem has grown exponentially, making it one of the fastest-growing crypto ecosystems in the market.
ATOM trading in a symmetrical triangle trading pattern
ATOM is currently trading in a symmetrical triangle pattern. While this means it can break out in any direction, there is a high chance it could break out to the upside now that the broader market is turning bullish again. In such a scenario, ATOM could easily test prices above $40 in the short term.
ATOM is trading sideways while the broader market is gaining upside momentum. However, with high staking rewards, and one of the best technologies in crypto, ATOM is a pretty good buy at current prices.