Cosmos Price Up by 12.31% – Time to Buy ATOM Coin?

As the crypto market recovers and starts trading in the green zone, Cosmos is also moving in an uptrend, as investors press to buy ATOM.

The Cosmos blockchain is described as ‘Blockchain 3.0’ and aims to offer solutions to slow, expensive and unscalable blockchains by providing an ecosystem of connected blockchains. Cosmos modular framework helps make blockchain technology less complex for developers to work with.

There is a growing interest in highly scalable blockchains, Cosmos prides itself in processing transactions at faster rates than pioneering blockchains such as Bitcoin and Ethereum.

The Cosmos blockchain is one of remarkable value; with technical and fundamental indicators, we will explore the crypto asset and ascertain if it is a great time to buy ATOM.

ATOM Coin Market Position

The Cosmos utility token has picked up speed to join the entire market as the asset establishes new resistance and support prices.

The ERC-20 asset currently trades at the price of $25, which is 12.31% higher than its price in the last 24 hours. ATOM dominates 0.25% of the entire crypto market and is considered the 32nd most valuable crypto asset by market cap.

The digital asset has a market cap value of $5.7 billion which is up by 11.96% in the last day. ATOM has made an impressive increase of up to 40.76% in the last 24 hours, with the 24-hour trading volume sitting at $408 million.

The Cosmos utility token has made a substantial increase in the last six months, raking in up to 178.95% and 475.43% in the last year. The year-to-date (YTD) statistics confirm the steady increase as the digital asset is up 291.18%.

ATOM has leapt in price in the last few weeks and does not seem to be slowing down as the general crypto market is waking up to incredible price explosions.

ATOM Technical and Fundamental Analysis

ATOM is currently trading above the 20-day moving average (MA) support price of $23.89. The 200-day MA confirms the bullish run as it sits at the $23.81 price peg.

The 14-day Relative Strength Index (RSI) shows that ATOM is trading in the underbought region with a figure of 50.35. The moving average convergence and divergence (MACD) show that it is a great time to buy ATOM as it indicates a buy signal.

ATOM’s gains in the market are due to some fundamental improvements.
The IBC update is one of the reasons why the price of Cosmos is expected to soar in the coming weeks.

The Inter-Blockchain Communication (IBC) helps independent blockchains connect, transact and exchange tokens and data while thriving in an interconnected ecosystem.

Thanks to the IBC, the Internet of Blockchains is growing fast as it records up to 5.8 million IBC transactions. As the ecosystem continually expands, decentralised exchanges on the Cosmos blockchain are expanding, making previously difficult tokens to find more accessible.

Another reason for the leap in ATOM price is the successful completion of the Vega Upgrade. The Vega upgrade is tailored to ensure the security of the Cosmos Hub’s components. The upgrade will help improve the efficiency of the Cosmos blockchain and help avoid consensus errors.

The Vega upgrade brings two new modules to the Cosmos SDK, the fee grant module, which will allow fees to be paid on behalf of another account.

The second module is the Authz module that will provide governance functions to execute transactions on behalf of another account. is essential to the Cosmos Hub and will help ensure that subsequent upgrades occur seamlessly, thereby increasing the performance of the ecosystem.

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