The host of popular crypto channel Coin Bureau has a bullish outlook for decentralized parallel blockchain network Cosmos (ATOM) in 2022.
In a new video, the analyst known as Guy tells his 1.93 million YouTube subscribers that Cosmos developers are now creating demand drivers that could push ATOM higher this year.
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He cites the Vega update in December that introduced new features and major upgrades to the network.
“For what it’s worth, I’m confident that Cosmos will find a way to add value to ATOM both inside and outside of its ecosystem. From where I’m standing, it looks like it’s focused on exactly that, the Vega update for example. I truly believe that 2022 is going to be a big year for Cosmos so long as we don’t enter another crypto winter.”
Cosmos is an ecosystem of parallel blockchains that can communicate in a decentralized manner. The Vega update aims to enhance the performance of the Cosmos Hub and ensures the seamless adoption of future upgrades.
As ATOM currently trades for $30.81, Guy identifies a critical price resistance that he says will likely be a determining factor in its price action.
“Cosmos’ announcements, upgrades and developments have taken ATOM on a tear, but it’s only up about 50% since I last covered the project in September.
Besides the general weakness we’ve seen in the crypto market since December, ATOM has tried and failed to claim the $45 mark three times over the last few months. Unfortunately, this means that it’s likely to see a lot of resistance if and when it approaches those levels again…
As far as ATOM’s price potential goes, it’s hard to say. Cosmos is a large-cap cryptocurrency as it is, and this means it will be hard for ATOM to pull more than a 3x or a 4x before the bull market is over.”
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