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- 1 COSMOS sees a recovery above $12 with a positive crossover from the 50 DMA.
- 2 ATOM correlation with BTC has also been in a surge and is near 0.69.It has seen a gain of 4.86% in the BTC pair a>
Cosmos is a blockchain that aims to solve one of the hardest problems in the blockchain industry. They use the modular framework to build dapps which makes it less difficult for developers to build. They aim to create a system of interconnected blockchains which can communicate with each other without having any issues. ATOM modular framework also helps in the transfer of assets without any intermediaries with another blockchain.ATOM has an inflation rate of 16.14% with a staking APR of 21.35%. It has 230.35M worth of ATOM staked in the network. Cosmos has more than 274 apps and services with $66B+ assets under management. ATOM price correlation with the Bitcoin has seen an increase from -0.56 to 0.72 within a few days period. The increased correlation highlights a bullish trend as BTC is rising.
COSMOS has a market cap of over $3.4 Billion and is ranked 21st in the crypto-verse. The volume of ATOM has seen an increase of 80% in the intraday session. The volume-to-market cap ratio of the asset price suggests an upside momentum.
ATOM On Its Way To $25
The weekly technical chart of ATOM suggests that the bulls are ready for a run. Cosmos has been forming bullish engulfing candles on the daily chart. It is trading near the value of $12.18 with a gain of 7% in the intraday session. The upside trend of ATOM can see a halt near the value of $15.Meanwhile, a bounceback in the asset price can be seen near $11. There is a positive crossover by ATOM price from the 50 DMA. The asset price is currently below 100DMA but can see a crossover and move to a new high in the future.
RSI of ATOM is near 60 highlighting its presence in the overbought zone. There is a strong positive slope suggesting a bullish momentum in price.
Summary
ATOM correlation with Bitcoin has seen a strong surge and a strong momentum can be seen.ATOM price has recently given a positive crossover and move above $25 in the future.
Technical Levels
Major Support:$11
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
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
