ATOM is Seen down to $7.50
The Cosmos (ATOM) is currently experiencing a decline of 1.3%, reaching $9.60 on Monday, following a 3.3% drop on Sunday. The overall decrease is considered substantial. There is speculation among crypto enthusiasts about the possibility of a hard fork after the rejection of the proposal by Cosmos founder Jae Kwon to lower inflation in the network to 10% from the existing 14%.
The community rejected Kwon's proposal, as it would lead to an annualized staking rate decrease to 13.4% from the current 19%. In response to this news, altcoin prices dropped to $8.67 but later recovered to $10.00, coinciding with a 12% rally in Bitcoin. However, ATOM prices failed to break through the resistance at $10.00, and the situation is perceived as a retest of this resistance level. As a result, prices are seen as likely to drop to $7.50.
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