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- 1 Cosmos Community members has recently approved a proposal to launch the next major upgrade
- 2 Technical indicators of ATOM is favoring a consolidated move.It has seen a drop of 0.14% in the BTC pair.
Cosmos is a blockchain network that aims to solve the issues of interoperability and scalability which is a major issue for the other blockchain networks . Cosmos ecosystem provides a framework for the development of interconnected blockchain networks, which allows for seamless communication and transactions between different blockchain platforms.
ATOM holders also have a say in the governance of the network, as they can vote on proposals to make changes to the network. Another unique aspect of Cosmos is its focus on creating a decentralized internet of blockchains. By providing a framework for the development of interconnected blockchain networks, they aim to create a more open and decentralized internet which is not controlled by a few entities.
Cosmos has a market cap of $3.3 Billion and is ranked 21st in the crypto verse. Volume of the asset price has seen an increase of 19% in the intraday session. Volume to market cap ratio of ATOM suggests a consolidated trend for the price in future.
Are Bulls Of ATOM Looking For A Breakout?
The weekly technical chart of Cosmos suggests a consolidated trend in price. It has been showing a weak upside trend in the daily chart. ATOM price is currently trading near the value of $11.59 with a small drop in the intraday session. Meanwhile the resistance of the asset price can be seen near the value of $15.The support of the asset price can be seen near $8. It is trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price to a new low in the future.
RSI of the asset price is near 46 suggesting its presence in the neutral zone.There is a downside slope suggesting a consolidated trend in price.
Conclusion
Cosmos price is currently seeing a consolidated trend with a weak upside trend. Various analysts are expecting a strong upside trend in price.
Technical Levels
Major Support:$8
Major Resistance:$15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
