- Higher short liquidations have been recorded in Cosmos crypto.
- The price of the ATOM crypto has advanced by 685% from its all-time low price.
Cosmos is a blockchain ecosystem facilitating interoperability among independent blockchains, aiming to create an “Internet of Blockchains.”
ATOM is its native cryptocurrency used for transaction fees, staking, and governance voting. Created by the Interchain Foundation, Cosmos fosters an open, permissionless, and interoperable blockchain environment, led by Jae Kwon and team.
The TVL of the Cosmos crypto has consistently declined over the last few days which shows the declining interest of traders for the crypto.
The trading volume for the crypto further has declined by 28.3% in the last 24 hours as of press time. This further resulted in a traded value of $270.34 Million.
Despite the decline in the trading volume, the price of the crypto has witnessed an advance of 4.6% over the last 24 hours and has become the 28th largest cryptocurrency in the global crypto market.
Following the decline in the spot volume of the crypto, the derivatives volume of the crypto has also declined over the last 24 hours. The price of the crypto further is sustaining at the lower levels.
The maximum supply of the crypto is infinite while the fully diluted market cap of the crypto is $3.475 Billion. Moreover, 100% of the total supply is circulating in the market.
Cosmos crypto price is trading 80% below its all-time high price but has advanced by 658% from its all-time low price. Additionally, the all-time high price for the crypto was recorded three years ago. The price since then has been unable to break the high.
Cosmos Crypto Derivatives Data Overview
Looking at the last 24 hours activity of the crypto, higher short liquidation can be seen which shows that the bulls are ruling over the price.
The derivatives volume of the crypto further has declined by 24.6% over the last 24 hours. This further has resulted in a traded value of $493.2 Million. Despite the decline in the volume, the open interest has advanced by 5.1% over the last 24 hours.
ATOM Crypto Technical Analysis
The ATOM crypto price is preparing for a ‘W’ pattern and a break out above crucial swings might take the price to new highs.
The ATOM crypto price formed a swing high of $14.5 on March 6th, 2024, the chart since then has been displaying consistent profit booking.
After the consistent decline in price for 40 days, the price is currently taking support at the lower levels and has formed a double bottom pattern. Furthermore, bullish candlesticks formation can be seen on the charts.
If the price of the crypto surges above the level of $9.2, it will result in a breakout from the ‘W’ pattern. This can further lead the price of the crypto to higher levels.
ATOM/USD Chart by TradingView
The EMAs are consistently declining to lower levels on the daily chart of the ATOM crypto. Additionally, a death cross of the 50-day and the 200-day EMAs can be seen on the charts.
The price further is currently taking resistance at the 20-day EMA and has formed a doji candle representing uncertainity in price of the crypto.
The Bollinger band on the chart further has contracted which represents volatility in the momentum of the crypto price. The MACD indicator is also supporting for a bearish trend as the MACD and the signal line are trading in the negative territory.
Summary
Despite recent declines in trading volume and TVL, Cosmos crypto has seen a modest price increase. Short liquidations have surged, indicating bullish sentiment.
However, with the price trading significantly below its all-time high and forming a ‘W’ pattern, uncertainty remains. Technical indicators suggest a mixed outlook, requiring cautious consideration for investment.
Technical Levels:
- Support Levels: $6.10 and $8.200
- Resistance Levels: $11.30 and $14.10
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.