- ATOM price is trading at $11.19 with a 3.76% intraday decline.
- Technical indicators’ summary reflected a negative signal in the current trading phase.
- A rise of 48.39% was observed in the Cosmos crypto in the last 24 hours.
Cosmos (ATOM) offers an ecosystem of connected blockchains in the decentralized network. The project solves some of the most complex problems in blockchain technology. It provides solutions for slow, expensive, unscalable, and environmentally harmful proof-of-work (PoW) protocols. Cosmos uses a proof-of-stake (PoS) consensus algorithm to validate transactions in the network.
Cosmos Has Delivered Over 60% Returns In The Last Six Months
ATOM price started its bullish journey from the $6.26 support in September 2023. The price reflected growth of over 4% in September and gave bullish rallies for three consecutive months. However, cryptocurrency has faced some negative drawbacks.
In January 2024, the Cosmos price witnessed profit bookings, resulting in a decline of 14.14%. Afterward, a massive rise in buying can be seen in ATOM in February 2024. The price recovered over 24% that month and surged 8.85% in March 2024.
Cosmos total diluted valuation is assumed to be at $4.34 Billion with unlimited supply. This lack of transparency in the project can lead the digital asset to face future inflation. 390 million ATOMs are circulating in the crypto market, which holds a current market capitalization of $4.35 Million.
Price to Volume and Social Dominance Analysis
The social dominance of the cryptocurrency has been fading since December 2023. However, it still holds 0.591% social buzz in the crypto world. The price and volume have been gaining public attention since February 2024, reflecting stability of over $200 Million.
The trading volume has reached $244 Million in the last 24 hours, which is currently ranking 65th among the 9,393 active cryptocurrencies. The cryptocurrency is reflecting sufficient liquidity with a VMR ratio of 5.61%.
Technical Analysis Of Cosmos (ATOM) Price
ATOM price is moving between the 50-day and 200-day exponential moving averages, indicating a short-term fall. The 200-day EMA has been acting as a dynamic support for the price since the golden crossover.
Cosmos price has given a breakout from a bullish flag at $9.21, reflecting a 57% upsurge to the $14.50 resistance. Afterward, the price experienced a sharp fall to the $10.65 bullish point of interest (POI). Buyers have entered that POI, yet the price is facing sharp selling. The buyers can reclaim the $14.50 mark if the price closes above $12.64. If the price slips below $10.65, it may cause a short-term fall.
Furthermore, the relative strength index (RSI) reflects an internal bearish divergence in the current price momentum. It indicates that the sellers have a firmer grip on the current price. The RSI is moving at 40.16 below the signal line.
Summary
The Cosmos price started its bullish rally in October 2023. It has reflected over 60% to date. The social dominance of cryptocurrency covers average buzz above 0.591% in the digital world. The current price of the ATOM coin is facing some short-selling from the $14.50 resistance. The price can experience a short-term fall if it slips below $10.65. However, to reclaim the $14.50 mark, the price should close above $12.64.
Technical Levels
- Resistance Levels: $12.64 and $14.50
- Support Levels: $10.65 and $9.21
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.