Cosmos (ATOM) demand has risen these past few days, resulting in a significant performance. According to CoinMarketCap data ATOM price has fallen to $11.69 after gaining momentum.

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The current market cap of ATOM is $3.3 billion, with a 24-hour trading volume of $100 million. However, the trading volume is still down by 31.18%, indicating reduced network activity.

Reason Behind The Surge In Cosmos?

Cosmos is a constantly growing network of interconnected blockchains created with developer-friendly application components.

Inter-Blockchain Communication (IBC) protocol is the technology that connects these apps. The SDK platform Cosmos offers allows programmers to produce top-notch decentralized apps (dApps).

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Other developers have also constructed applications on top of it, such as MM Finance and VVS Finance. Cosmo’s (ATOM) recent price surge could be attributed to its influx of developers topping that of Ethereum.

The other reason for the ATOM price increase might be the announcement from dYdX that it is building an independent blockchain on the Cosmos ecosystem instead of Ethereum.

Also, Bitcoin price soared above $29,000, pushing the market cap of all cryptocurrencies to surpass $1 trillion. Many crypto assets, including ATOM, recorded price growth due to correlation to BTC.

ATOM Price Action

Below is the technical analysis of ATOM price action on the 4-hour trading timeframe. And also the possible resistance and support zones.

Cosmos has broken through the short-term resistance level of $11.69 and is currently trading between $10.571 and $15.484 support and resistance levels. ATOM must break through the $15.484 primary resistance level to confirm the bullish momentum.

However, the bears are trying hard to break the $10.571 support level but couldn’t due to the high bullish momentum. If the bull’s strength is not strong enough to push ahead, the bears might take over the trend and cause a trend reversal.

What Do The Technical Aspects Suggest?

ATOM’s 50-Day SMA’s change in direction caused the market’s structure to change. If the bullish momentum doesn’t pick up, the trend may change to a potential bearish market.

The 50-Day SMA established a Death Cross by crossing below the 200-Day SMA, indicating a potentially bearish signal and suggesting a selling opportunity.

The Relative Strength Index (RSI) analysis indicator enables traders to determine the momentum and strength of the price movement of an asset within a period.

At the time of analysis, the RSI of ATOM/USDT is at 61.74 above the neutral zone. Therefore, this shows that ADA is neither in the overbought nor oversold zone. However, the buyers are building momentum to take ADA to the overbought zone while the seller pushes it down despite weak momentum.

#atom #crypto2023 #crypto #Binance #cosmos

Hello, everyone!

Let's continue to analyze fundamentally strong crypto assets which I am going to buy at the very bottom. Now it's time to predict where the bottom for ATOM is gonna be.

Using trading chaos approach I defined the Elliott waves with the order you can see on the chart. You can tell me that wave 2 is too deep, but I have the evidence that it's correct. Look at the Fibonacci extension 1.61 - the natural wave 3 target. Price has reached this target perfectly. After that price has printed the wave 4 which is represented as a triangle correction. I think now ATOM is in wave 5 because it broke down the key fractal level.

The most important question: where is the gonna be the bottom. My answer is $3. There I will buy ATOM for the new bull run. This target was calculated according to the Tom Joseph's methodology. Bill Williams linked to his approach that's why I use it here.

Chart 1. ATOM price.

Best regards, Ivan

Follow me and never miss update👍#ATOM #cosmos #fantasticdeals #altcoins #dyor

In what can be tagged as more consistent price growth, Cosmos (ATOM) is seeing an impressive leap today, following the 4% uptick at the time of writing. The ATOM token is worth as much as $11.12, and its losses for the week now stand at a negligible 0.23%.

Cosmos is a blockchain protocol whose true prowess is just being highlighted through the defined and targeted growth of its ecosystem. One of the announcements that is driving positive sentiment in the Cosmos ecosystem is the announcement that the Stride Protocol, a liquidity platform, is billed to go live in the ecosystem.

Stride will impact the Cosmos network tremendously, a move that will enable investors within the ecosystem to gain additional value across the board. As one of the largest liquidity providers in the ecosystem, Stride will help in boosting security by offering 15% of liquid staking rewards.

1/ Cosmonauts, Stride is coming 🌊 Prop #794 is approved ✅ The community confirmed support for Stride to adopt #ICS A proposal to onboard Stride is coming! In the meantime, here is what @stride_zone is bringing to the Atom Economic Zone 🧵 — Cosmos Hub ⚛️ (@cosmoshub) May 12, 2023

Additionally, the protocol will provide 15% of STRD inflationary staking rewards, 15% of MEV revenue and 15% of transaction fees. These rewards will be distributed to ATOM holders, a promise of the enhanced future profitability for HODLers.

Complimentary protocol growth strides

Besides the latest update about Stride, a whole lot of new innovations and upgrades have been making their way into the Cosmos ecosystem over the past few months. To begin with, Cosmos announced earlier this month that Neutron, its first consumer chain, will be launched, and a few days after the announcement, the protocol has gone live.

Cosmos is branded as one of the most secure and versatile protocols, but its recognition when compared to Ethereum, Solana and Cardano is very low. The new integrations and steady ecosystem build-up will afford the protocol more market share in the long term, a win-win for all of its current backers.

#atom #cosmos #crypto2023