ATOM Surges 4% as Cosmos Abandons EVM Strategy for Interoperability Focus

ATOM rose by 4% on Wednesday after Cosmos executives terminated EVM development to concentrate on blockchain interoperability by advancing its own IBC protocol.

The news was met well by investors as it sees Cosmos extend its position as a standalone blockchain with its own tech stacks it can rely on.

The wider market is also up on Wednesday as investors begin to question whether the market is entering a long-awaited "altcoin season," with a number of data points suggesting capital is shifting from BTC to altcoins like ATOM.

Technical Breakout Signals Bullish Reversal

• ATOM-USD surged 4% in 24-hour trading from July 15 16:00 to July 16 15:00, breaking through resistance at $4.69 to hit $4.71 highs.
• The token bounced sharply from $4.55 support, posting a $0.17 trading range that represents significant volatility expansion from recent sessions.
• Volume spiked above daily averages during the $4.55 reversal and $4.69 breakout, confirming institutional buying interest at key technical levels.
• Intraday action from July 16 14:33 to 15:32 shows continued momentum with $0.05 range between $4.66-$4.71 support and resistance zones.
• ATOM broke higher at 14:45, hitting session peaks near 15:04 on volume exceeding 66,000 units before consolidating around $4.69.
• The 1% hourly gain extends the 24-hour rally, with price holding above $4.66 support signaling sustained institutional accumulation.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.