[ccpw id="5"]

HomeCoinsATOMUSDTCosmos (ATOM) Price Trends Upwards: A Potential Breakout Or Impending Correction?

Cosmos (ATOM) Price Trends Upwards: A Potential Breakout Or Impending Correction?


After experiencing a bearish trend on April 17, 2023, that dropped the asset to a low of $10.12 from $12.88, Cosmos (ATOM) has managed to recover slightly.
Between February 8 and May 17, ATOM witnessed a significant decline of 32.89%, reaching a low point of $10.175 on May 9. The current month has, however, brought a surge in demand for Cosmos (ATOM), leading to a remarkable price performance. 
What’s Ahead For Cosmos (ATOM)?
According to data, ATOM experienced a substantial price decline, reaching $10.73, a 0.95% decrease within the last 24-hour trading period.
Related Reading: Will Dogecoin (DOGE) Break Free From Limbo? Market Awaits Bullish Catalyst
Notably, the 24-hour trading volume is up by 9.04%, rising to $85 million, indicating that the market activities around ATOM are increasing. More buyers and sellers are actively participating in trading ATOM. 
Also, an increase of more than 9% signifies potential price volatility, which might influence the price of ATOM. But the current market sentiment of ATOM is bearish as its Fear and Greed Index shows 28, fear. 
This indicates a potential downtrend as investors and traders fear entering the market. This may also lead to high sell pressure from the investors. Based on the Fear & Greed Index reading, the market may likely experience some price correction if the bears maintain this momentum in the coming days.
Cosmos (ATOM) Technical Analysis
The 200-day and 50-day Simple Moving Averages (SMAs) currently exceed the ATOM/USDT trading pair price. This indicates that the market is on a bearish trend in longer and shorter timeframes.
Also, this means that the selling momentum is stronger than the buying. However, if the bulls increase the buying pressure, some price changes might occur in a few days.

The Relative Strength Index shows 44.91, meaning there’s market indecision between buyers and sellers. The market in a neutral zone indicates low pressure from buyers and sellers.

However, the MACD is above the signal line depicting a potential bullish momentum for ATOM. Also, the histogram is currently above the zero level, validating the bullish sentiment. 
Latest Development To Spike Network Utility
The ecosystem recently announced the adoption of its first Cosmos native shared security model by a widely known Permissionless CosmWasm platform called Neutron. 
The Replicated Security brings a new era of utility to the network. It will also help Cosmos Hub to offer security to new projects launching as Hub-secured consumer chains.
The consumer chain will share its revenue with the Hub in exchange, and will also be shared with ATOM validators.
Neutron being the first platform to pioneer Cosmos Hub Replicated security, will enjoy instant access to the multi-billion dollar economic security of the Hub.
This recent development could attract more investors, traders, and institutions into the network, driving the demand for ATOM significantly over time.
featured image from Pixabay and chart from Tradingview


Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By

If the historical pattern in this on-chain indicator is anything to go by, hopes for the continuation of the Bitcoin rally may still be alive. Bitcoin...

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

In a recent podcast appearance, Arthur Hayes, the former head of BitMEX, delivered a sobering prediction about the largest cryptocurrency by market capitalization, Bitcoin (BTC)....

Dogecoin Bounces Off $0.070 Mark, Awaits Breakthrough of Crucial Hurdle

In recent trading sessions, the price of Dogecoin has experienced an upward trend, surpassing a significant resistance level. Over the past 24 hours, DOGE recorded...

Bitcoin Bulls Push BTC Back Up To $28K Amid Surging Address Activity

Bitcoin (BTC), the pioneer of cryptocurrencies, continues to captivate the financial world with its ever-evolving landscape. In recent developments, Bitcoin’s active addresses have witnessed a...

Follow us

Most Popular