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Friday, November 27, 2020

Cosmos (ATOM) price could gain over 20% in October

  • Cosmos doubled the rewards for the new bug bounty in a bid to avoid past mistakes
  • ATOM/USD gained over 30% since October 07 to print a 5-week high
  • The buyers activated the head and shoulders pattern, which will be completed if the price action reaches $7.40

Cosmos (ATOM) price is trading in an impressive form as it gained over 30% since October 07. The price action created a specific chart pattern that could extend the current rally for over 20%.

Fundamental analysis: Stargate upgrade to enhance strength

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Cosmos has announced a new 3-month bug bounty and it doubled its rewards ahead of the forthcoming Stargate upgrade in an effort to enhance its robustness.

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The new upgrade is the final piece that will complete the initial work plan included in the Cosmos Whitepaper and will also implement the IBC protocol, which enables Cosmos to establish a connection with other blockchains. 

Zaki Manian, co-founder of Iqlusion and one of the contributors said the Stargate testnet is ready for a rollout but the Cosmos team wants to conduct additional tests on the upgrade “to identify critical bugs that may have made it past engineering and integration testing.”

Cosmos doubled the rewards for the new bug bounty in a bid to avoid past mistakes when major bugs were detected in vital components. In July, blockchain company Bluzelle spotted a critical bug in Tendermint’s consensus algorithm. Last year, in October, the Cosmos team found one more critical vulnerability in the Tendermint Core.

Tess Rinearson, Vice President of engineering at Cosmos development company, said that “proactively finding and fixing bugs is a vital part of building strong, resilient blockchain protocols.”

“The release of the Stargate codebase reifies our commitment to the open-source community, with the goal of bringing Cosmos into a new era,” he added.

The bounty is scheduled to last until December 31 and has “no maximum program reward,” meaning that there’s no cap on the amount per bug worth, nor the maximum number of bugs a person can report. 

Those involved will receive a minimum of $5,000 for identifying a critical bug, twice the $2,500 reward in earlier bug bounties. Rewards for finding low, medium and high-risk vulnerabilities are also higher now, ranging from $100 to $3,000.

Technical analysis: Bulls eye $7.40

Less than a week ago, ATOM/USD traded around the $4.50 mark. The buyers recorded impressive performances on Thursday and Friday to push the price action above the $6.00 handle for the first time in over five weeks. 

The breakout also put a bullish head and shoulders chart pattern in motion. A break of the neckline, which comes at $5.50, activates the head and shoulder pattern as the ATOM buyers eye a trip to $7.40 to complete the formation. 

Summary

Cosmos announced another bug bounty for its upcoming major upgrade, Stargate, and doubled the rewards for participants who detect critical vulnerabilities. In the meantime, the price action created a bullish head and shoulders pattern that targets $7.40.

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