Cosmos Hub faced a brief chain interruption, which was quickly resolved in the V17 upgrade.
At the time of writing, ATOM is priced at $8.61, signaling a possible recovery trend.
The Cosmos Hub encountered a temporary interruption in its chain operations, as reported in the Cosmos X post early this morning. During the V17 upgrade, Hub validators promptly addressed the interruption, successfully patching a security vulnerability within the Liquid Staking Module (LSM). Following the implementation of this crucial patch by most validators, the Cosmos Hub resumed its block production, restoring normalcy to its operations.
The Cosmos Hub, a pioneering blockchain within the wide Cosmos Network ecosystem, operates on a proof-of-stake consensus mechanism, leveraging its native ATOM coin. Stakers within the network play a pivotal role in securing the network and earning rewards, enhancing its overall stability and efficiency. Additionally, the Hub is renowned for providing robust tools and libraries tailored for blockchain application development.
Despite the temporary disruption, the price of the Cosmos native token, ATOM, remained largely unaffected. Amid a market recovery where altcoins are regaining momentum, ATOM presents itself as a promising contender for a bullish resurgence.
Will the ATOM Price Climb to New High?
With Cosmos nearing a $4 billion market cap, ATOM shows positive price trends. The weekly chart indicates a sideways trend above $8. Further, the daily chart highlights $8 as a key support level, challenging the 50-day EMA resistance.
In the last 24 hours, ATOM displayed a 2.5% increase from $8.55 to $8.73 with a market cap of $3.5 billion. ATOM is poised for a breakout from two months of consolidation, signaling a potential sentiment shift.
This bullish reversal in ATOM’s price fuels speculation regarding a potential recovery trend throughout 2024. Currently, ATOM trades at $8.616, with a 0.67% intraday pullback after two bullish daily candles. However, ATOM has declined by around 8.07% over the past month.