Cosmos Price Up By 5.14% – Time to Buy ATOM Coin?
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- AI blockchain protocol Fetch.ai has launched on the Cosmos network spurring investors to buy ATOM
- Cross-chain DeFi solution Umee has made a mainnet launch on the Internet of Blockchains
- Coprocess for the Ethereum Virtual Machine (EVM) Sommfinance has made the switch to the Cosmos blockchain
The broader crypto market is facing an uphill task as the bulls and bears face off. Following a slight gain in the previous 24 hours, the nascent industry is 0.78%, with $1.97 trillion in total value locked (TVL). Despite the slight dip, a few projects are making a stalwart march into the green zone, and one of those is the Cosmos blockchain. Its modest gain in the past day has seen investors keen to buy ATOM.
The Cosmos protocol is a highly scalable network that provides easy access to custom-built decentralised applications (dApps). Nicknamed the Internet of Blockchains, the Cosmos network is a direct rival to the Ethereum protocol and has continued to see growing adoption in the last year.
AI Protocol Fetch Launches On IBC
The growth of the blockchain ecosystem has been outstanding in the past year. New dApps are making their entrance into the crypto scene and are looking for the best layer-1 protocol to launch on. The Cosmos network is suitably placed and has been attracting a lot of top-tiered projects in the last couple of weeks.
One of such is artificial intelligence (AI) and machine learning-based blockchain protocol Fetch.ai. The protocol comes with a lot of promise focused on privacy encryption, interconnected ecosystem, as rewards system to incentivise the user base.
With AI-based processes becoming the norm, Cosmos may be suitably placed for a major rally in the coming weeks making now a great time to buy ATOM.
Cross-chain Solution Umee Makes Mainnet Splash
The decentralised finance (DeFi) ecosystem is rapidly expanding with TVL well above $100 billion. This has been largely due to the current onboarding of new users who are frustrated by the centralised financial marketplace. Given this, DeFi protocols are seeing remarkable growth.
Cross-chain DeFi solution Umee has recently tapped Cosmos network for its mainnet launch. Cosmos users can now perform a number of activities in the DeFi protocol including cross-chain borrowing and lending, tap into the Gravity Bridge, as well as enjoy top-notch interoperability with other blockchains.
Sommfinance on Cosmos Network
Ethereum Virtual Machine (EVM) co-processor Sommfinance has made the move to join the Cosmos network of chains. Sommfinance announced in a tweet that the move will enable users to initiate and execute complex and automated financial transactions such as portfolio rebalancing, limit or batched orders, and several others.
With this high-end DeFi solution, more users are expected to make the transition to the Cosmos blockchain given its growing relevance in the DeFi space. This presents a great time to buy ATOM at a discount.
Technical Analysis of ATOM: Modest Gains in a Bear Market
At press time, ATOM is trading at $30.32, up 5.14% in the last 24 hours. A one-week gain of only 4.68% shows a severe broader market downtrend of which the ATOM token is fighting to break above.
The 50-hour exponential moving average (EMA) indicator price of $30.99 shows that ATOM is about to break above the resistance point, indicating a bullish run.
The relative strength index (RSI) figure of 50.04 shows that Cosmos is trading in the underbought region making now a great time to buy ATOM. The moving average convergence and divergence (MACD) is also showing a steady move towards the buying zone.
The 61.8% Fibonacci retracement level shows that ATOM would likely hit $33.10 before dipping slightly for a much stronger comeback.
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