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- Cosmos coin price rallies 20% intraday and 40% in a week.
- Analysts suggest an upside target of $8.5 in the short term.
Cosmos (ATOM) price has displayed a massive upswing of over 20% intraday and breached the critical wall of $7 in the last 24 hours. Fueled by a sharp rise in trading volume of over 165%, Cosmos crypto might even reach the $10 milestone.
The rally was ignited by renewed investor interest and fresh accumulation. It has climbed past the key EMA lines and drives the bullish momentum. Cosmos coin has made a double bottom pattern and rebounded from the demand zone of $4 and doubled in a month.
When writing, the ATOM price traded at $7.93, noting an intraday rise of over 21.30%. Its market cap surged to $3.10 Billion, ranked 41st among the top crypto coins.
Cosmos Price Rally Could Push It to $8.50 Soon: Analysts
Cosmos crypto has gained sharp bullish momentum and jumped beyond the $7 mark, projecting the bulls’ dominance. The altcoin has completed the correction phase and triggered the 3rd rising Elliott wave.
In a recent tweet by Old Man Crypto, the Cosmos coin price has attained a pullback and breached a downward trendline. It seems poised for a 55% rise and could reach $8.50 in the short term.
Per the Fib levels, the ATOM price has transcended the 61.8% level and was accelerating toward the $10 level.
Cosmos Sees Demand Spike as Adoption Rates Climb
In the past three weeks, Cosmos’ active users increased by 60% and 87% monthly. Data from Token Terminal highlighted that the number of active users rose to 167.54k at press time.
The monthly active user is defined as one unique and paying active user generating revenue for the network, unlike using just a wallet with some test coins, etc.
With this current uptick, the ecosystem saw a reversal in its utility and user engagement.
Notably, more than 170k addresses were active on-chain at press time, noting an increase of over 10% in a week.
Nomic Audit Achievement Highlights Progress in Cosmos
Recently, the Nomic team audited all Nomic codebases systematically. This decentralized Bitcoin bridge is NomicBTC, the most decentralized Bitcoin bridge that easily transmutes from one ecosystem to another.
The decentralized interactions of Bitcoin’s participation become possible by adopting NomicBTC. As a result, the integration of blockchain space has enhanced.
Cosmos Price Prediction: Analyzing the Key Levels
The price chart highlights the breakout of the falling channel. Besides, the altcoin has started forming a fresh higher high swing. A positive crossover between the 20-day and 50-day EMA lines was observed, guiding the bullish chart setup.
The Cosmos crypto price was heading toward the short-term target of $8.50. If buyers successfully hold and break beyond that level, a bull rally toward the $10 mark could be seen.
On the derivatives front, the Open Interest has surged over 15% to $153.29 Million, revealing long build-up activity over the past 24 hours.
The immediate support zones were $7 and $6.20, whereas the resistance levels were $8.20 and $9.30.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
