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- As per the data from LunarCrush Atom combined social and market activity hit the 1st rank.
- Technical indicators of ATOM are favoring a downside momentum.It is down by 1.67% in the BTC pair
Cosmos was launched in 2019 and was designed to be a decentralized network that allows for interoperability between different blockchains. The goal of Atom is to solve some of the major challenges like scalability, interoperability, and more. Cosmos consists of three layers of application, networking, and consensus. They use several hubs besides inter-blockchain communication protocol which helps them to connect. The protocol uses a Proof of Stake consensus mechanism which is more energy efficient. Cosmos based protocol has been seeing a strong rise. Osmosis a Cosmos based protocol may soon be listed on coinbase. Meanwhile as per the data from LunarCrush ATOM combined social and market activity has hit the 1st rank. Although ATOM’s price saw a fall its market cap dominance remained near 0.27. Further, the development activity in the network has also seen a drop in April. The data from Staking Rewards shows that the number of stakers also witnessed a drop in the past few days.
ATOM has a market cap of $3.2 Billion in which its total supply is circulating in the market. It has witnessed a gain of 36% in the overall traded volume. Cosmos volume to market cap ratio suggests a consolidated trend in price.
Are Bears Of ATOM Getting Active?
The weekly technical chart of ATOM suggests a weak bearish momentum. It has seen a drop of more than 4% and is trading near $11.22. The upside momentum of Cosmos can see a halt near the value of $13. It has been forming a bearish candle on the daily chart. This can push it to the next support level of $10. The asset price is trading below the 50 and 100 Daily Moving Averages. If a negative crossover happens in the DMA a bearish momentum in the future can be seen. They can also act as a resistance in the near future.
The RSI of ATOM is near 47 suggesting its presence in the neutral zone.There is a negative slope in it hinting towards a bearish momentum in price.
Summary
Cosmos social activity and market activity have seen an increase and reached 1st as per LunarCrush. ATOM is currently in a bearish trend but can see a new high in the future.
Technical Levels
Major Support:$10
Major Resistance:$13
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
