Cosmos Crypto Can Show A Huge Upward Move In the Coming Days

• ATOM is currently trading at $7.43 and the price has increased by 15.4% in the last seven days.
• Cosmos is a type of blockchain that helps in the interoperation of different blockchains.

Cosmos is a network of independent, scalable, and interoperable blockchains that can exchange value and data among themselves. Cosmos aims to create an “Internet of Blockchains” where different blockchains can interact and transact with each other. Giving users access to a variety of new applications and services. The native cryptocurrency of the Cosmos Network is ATOM, which is used for staking, governance, and security on the network.

The ATOM crypto has shown an increase of +3.31% in the market cap in the last 24 hours, resulting in a market cap of $2.711 Billion.  There has been an increase of +55.66% in volume, which indicates that the traders are active. The volume/market cap ratio of the coin is 3.34%.

The crypto has a circulating supply of 365.2 Million and the total supply is the same as the circulating supply, resulting in an infinite max supply.

ATOM Price Technical Analysis 

Z by writer11_gsm on TradingView.com

The price of the coin has been consistently declining to lower levels, making a falling wedge pattern and the price is still trading inside this and may move to higher levels if it breaks above this pattern.

When examining the Exponential Moving Averages (EMA), it is evident that the price is currently below both the 50-day and 200-day EMAs. This suggests a lack of strength in the price, and this observation is further supported by the presence of a “death cross” pattern on the charts.

The RSI is above the 50-level which indicates the presence of buyers but unless the RSI hits the overbought zones, it won’t be considered bullish in the larger time frame.

Cosmos Volume Analysis

The crypto’s trading volume hasn’t shown any notable shifts when compared to the historical data of the crypto, indicating a lack of trader interest in the coin.

Conclusion

The price has shown a persistent decline from its previous highs and is currently confined within a falling wedge pattern. Additionally, the EMAs are displaying a bearish trend on the charts. However, there is a notable development as the cryptocurrency is on the cusp of breaking out above the wedge pattern. If this breakout occurs, it has the potential to propel the price to much higher levels in the upcoming days. Possibly reaching key resistance levels.

Technical Levels 

• Support level for the ATOM crypto are : $3.80 and $5.50
• Resistance level for the ATOM crypto are: $10.00 and $12.90

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.