- Cosmos crypto price broke down from the $8.69 key support level.
- The crypto price has surged over 20% from the $7.26 key level.
- ATOM crypto shows a higher rate of interest (ROI) during the weekly trading session.
Cosmos (ATOM) is an open-source, decentralized blockchain network that offers an ecosystem of connected blockchains. The network aims to solve some of the most complex problems that the blockchain industry has faced. The primary focus of this project is to improve the network’s speed, scalability, and environmentally harmful proof of work protocols. ATOM is a native token to this blockchain, which can be earned through a hybrid proof of stake algorithm.
Cosmos May 2024, Supply Changes, Holdings & Valuation
ATOM crypto price has increased by over 3.50% in the last seven days. The cryptocurrency is outperforming the global cryptocurrency market. It is also outperformed in comparison to the similar Layer-01 cryptocurrencies, which are down over 0.50% during the weekly session.
Cosmos has an uncapped maximum supply of tokens, which means there is no limit set for the project in terms of supply. 390 million ATOM tokens are currently circulating in the market, which holds a market capitalization of $3.43 Billion. Crypto placed itself among the world’s top 35 most dominant cryptocurrencies.
The Binance-pegged ATOM tokens have a circulation supply of 1.90 million. The tokens have 76,411 active holders, in which the top 3 wallets collectively own 28.12% of the supply. The “Binance: Hot Wallet 20” has the highest amount of ATOM tokens.
Price to Volume & Social Dominance Analysis
In November 2023, the social upsurge in tweets had a significant impact on the Cosmos crypto price. However, social dominance is currently receding to 0.31% on social media platforms. Conversely, the trading volume has been increasing in recent sessions, reflecting the positive impact of price.
Technical Analysis Of Cosmos (ATOM/USD)
Cosmos crypto price slipped below the key exponential moving averages, reflecting bearish sentiments in technical terms. The death crossover between the 50-day and 200-day EMAs is boosting the bearish sentiments.
ATOM price broke the $8.69 major support level. However, the price has gotten strong support from the buyers at the $7.26 bullish point of interest (POI). The current price is trading at the $8.79 level, moving upwards. As per the price action, the ATOM price can attain the $9.89 level in the process of retracement.
Furthermore, the relative strength index (RSI) shows strong bullish momentum in the current phase. The RSI and SMA lines also had a golden crossover, indicating a potential shift in bullish strength.
Summary
Cosmos price has faced strong selling pressure since March 7, 2024. However, the cryptocurrency has experienced a positive upsurge in recent sessions. ATOM reflected over 5% positive profitability during the weekly trading session. At press time, Cosmos is trading at $8.79. The price can attain the $9.89 level in the process of retracement as per the price action analysis.
Technical Levels
- Resistance Levels: $9.89 and $12.59
- Support Levels: $7.91 and $7.26
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.