The ATOM/USD pair formed a bullish pattern as the Cosmos community approved a significant cross-chain upgrade to bring additional yield for ATOM stakers.
RS is the first version of Cosmos’s Interchain Security feature, allowing blockchains in the Cosmos ecosystem to share validation resources for improved security.
The staking reward for ATOM after adjusting for inflation is 6.82%, with 24.37% annual returns. The additional consumer chain yields will improve ATOM holders’ annual yield, encouraging more buying and staking activity.Neutron is a smart contract platform that will likely be the first consumer chain to use the new ICS feature. Avril Dutheil, general manager of Neutron, told Cointelegraph:
This will allow the consumer chains to focus on the blockchain’s real yield and bring additional yield to ATOM stakers as the price increases. Consequently, high yields for staking ATOM will motivate more users to purchase and stake ATOM. Hence, potentially giving rise to a virtuous investment cycle in the Cosmos ecosystem.as more chains use the Cosmos-SDK and Tendermint consensus mechanism to spin up application chains.
Technically, the ATOM/USD pair has formed a bullish ascending triangle pattern since forming the June 2022 lows at $6. A breakout from the triangle around the $14 and $15 resistance levels could see the asset tap 2022 bearish breakdown levels around $33, with a slight chance of tapping the all-time highs around $46. However, the bullish thesis would be invalidated if the price breaks an falls below the triangle’s base, currently hovering around $10.
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