Cosmos Price Up By 15.15% – Time To Buy ATOM Coin?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Cosmos ATOM is on an impressive run of form and on course to clear the $31 barrier, a move that has prompted investors to buy ATOM.
The $2.6 trillion crypto market has seen highs and lows for weeks as the foremost cryptocurrency, Bitcoin, struggled to surpass the $58,000 resistance price. While many crypto assets have experienced sharp downturns, ATOM has been one of the few gainers in recent weeks.
ATOM Market Position
Large-cap crypto assets may be feeling the market doldrums, but small-cap projects like ATOM are riding the current crypto waves.
At press time, ATOM is trading at $30.42, up 15.15% in the last 24 hours. The digital asset is up 6.54% in the last seven days on weekly gains.
Although Cosmos has lost 21.51% in the last month, the utility token has gained 367.44% in value year-to-date (YTD). In one year, ATOM has surged by 498.53%.
The 33rd ranked crypto asset enjoys a market dominance of 0.26% of the burgeoning crypto market, posing an impressive market cap of over $6.8 billion, up 15.15% in the last 24 hours. Furthermore, the digital asset has recorded over $669 million, up 79.69% in trading volume in the last 24 hours.
Cosmos attained an all-time high (ATH) of $44.42 on September 20, and if the virtual asset continues on this bullish run, this price peg will be eclipsed in no distant time. This moment presents investors with the best opportunity to buy ATOM.
ATOM Technical And Fundamental Analysis
ATOM is currently on an impressive ride and trading above the 20-day moving average (MA) support price of $29.34, indicating that Cosmos is seeing massive bullish backing. The 200-day MA support price of $23.26 further confirms the asset’s current rally.
The relative strength index (RSI) of 48.99 shows that Cosmos is trading in the underbought region. This data presents an ideal opportunity to buy ATOM and rise with the market.
The moving average convergence divergence (MACD) reveals that the blue trendline indicator is above the orange trendline, pointing to a buy signal.
The performance of the inter-blockchain communication protocol can be partly attributed to recent fundamental events.
Recently, Forte, a crypto gaming startup, announced a $725 million investment round with the Cosmos network. Forte aims to create a platform that allows game creators to embed blockchain elements into their games.
Blockchain elements like non-fungible tokens (NFTs) will feature and allow players to collect and store the cryptographically-unique tokens with their wallets. Forte has the vision to revamp traditional gaming platforms.
Furthermore, on November 16, pSTAKE, a liquid staking protocol for the Cosmos ecosystem, raised about $10 million in funding to strengthen Cosmos and Ethereum presence.
The company announced the strategic funding round led by Three Arrows Capital, Galaxy Digital, Sequoia Capital India, and DeFiance Capital.
Interchain Security also announced that it is coming to the Cosmos network. Interchain Security will allow ATOM holders to earn staking rewards on a large number of chains just by staking their $ATOMs.
Validators on the Hub will opt in to verify new consumer chains, and their delegators will receive some staking rewards in these tokens.
BTCS Incorporation, a blockchain company, announced the expansion of its blockchain infrastructure to integrate with the popular ‘Internet of Blockchains’.
The Cosmos protocol is an interoperable blockchain platform that connects large numbers of independent blockchains within the Cosmos network. BTCS will deploy its node to generate revenue by validating transactions on the Cosmos blockchain.
Buy ATOM at eToro from just $50 Now!
