- Cosmos (ATOM) coin has revealed its roadmap for 2024.
- ATOM is facing a bounce back from the support level of $6.350.
- ATOM price is trading at $7.234 with a gain of 1.25% during the intraday session.
Cosmos Hub is a gateway to an expanding ecosystem of independent interconnected blockchains which was built using developer-friendly application components and connected IBC (Inter-Blockchain Communication) protocol. It helps in the free exchange of assets and data over integrated networks. ATOM coin was launched on December 11, 2019.
Roadmap For 2024
On September 25, 2023, Cosmos revealed its roadmap for 2024. The roadmap specifically focused on increasing modularity, improving and enhancing developer experience, addressing “technical debt,” and directing user adoption. Cosmos plans to enhance its feathers, including Cosmos SDK, Tendermint, and IBC.
Cosmos (ATOM) is trading at $7.23 while witnessing a gain of 1.25%, with a 24-hour trading volume of 80.83 Million. The market capitalization of the ATOM coin is $2.68 Billion. Moreover, the current volume/market cap ratio is 1.96%. Furthermore, Cosmos has a circulating supply of 367.5 Million ATOM.
The ATOM price has been experiencing a downtrend trajectory since mid-July when it was halted at the $10 resistance level. The price dropped roughly 38% while forming lower lows and highs. The dominance of bears remained constant until September 12, 2023, when the price formed a strong support at $6.35.
From September 12, 2023, the price has diverted from the downtrend, reflecting that ATOM crypto has attracted more buyers in the meantime. The price surged about 20%, with a high volatility in the market.
The ATOM token currently trades below the 50, 100, and 200-day EMAs and connects for 20-day EMA, indicating a rise in bulls’ participation in the market. If the bullish momentum sustains, the price might surge further and retest the 50-day EMA.
Is ATOM Price Heading Toward $8?
The Relative Strength Index (RSI) is at 50.80, indicating neutrality in the market during the intraday session. However, the RSI has just pulled back from the 62 mark, showing the sudden increase of bears in the market.
The CMF score at 0.00, denotes neither weakness nor strength in the ATOM coin, and the price might consolidate. However, ATOM’s long/short ratio is 1.0125 while the short is 49.69% and the long 50.31%, suggesting a higher buying position of the ATOM token.
Conclusion
The market structure of Cosmos cryptocurrency suggests the price is experiencing heavy buyer participation, and if it remains constant, the price might surge further. Investors and traders should look for long-term buying opportunities as the technical and analyst ratings suggest the same.
Technical Levels
Major resistance: $15.451 and $14.781
Major support: $6.285 and $7.290
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.