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Cosmos’ Theta upgrade is now in voting period!

It looks like the odds are favoring the upgrade.

Will this translate to more gains for ATOM/USD?

ATOM/USD: 1-hour

ATOM/USD 1-hour Crypto Chart

ATOM/USD 1-hour Crypto Chart

Blockchain platform Cosmos (ATOM) has recently run its “Theta” upgrade on a public testnet and stakers are now voting to approve the upgrade.

If passed, Theta upgrades will include interchain accounts that will enable account management across Cosmos’ multiple blockchains; liquid staking that will enable transferring of rewards and voting rights; an NFT module that will simplify NFT management, and other upgrades to the Cosmos SDK.

The upgrade is still in voting period, but it’s highly likely that the proposal will pass when voting ends in early April.

These improvements could further boost ATOM/USD, which has already found support from the $29.50 previous resistance zone.

As you can see, the $29.50 area had a lot going for it including the 100 SMA and 61.8% Fibonacci retracement support.

Watch how ATOM/USD reacts to the $30.00 – $30.25 levels. If price gets rejected at the 38.2% Fib and drops back down to the 100 SMA, then bulls may have another “break-and-retest” opportunity.

But if we continue to see green candlesticks above $30.00, then ATOM/USD may be headed for its March highs and even make new monthly highs ahead of the end of the Theta upgrade’s voting period.

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.