Cosmos is currently solving one of the most important problems in blockchain which is scalability. They also want to make blockchain technology less complex and difficult for the developers. The protocol is also described as Blockchain 3.0 which aims to connect other blockchains. Cosmos uses proof of stake mechanism to verify the transactions.
Atom has a staking APR of 20% which can see a strong growth in the future. Meanwhile, Cosmos ecosystem is currently seeing strong momentum in the defi sector. Cosmos has over $46 Billion + assets under management. The protocol has over 245+apps and services which are increasingly growing. The typical staking APY of Atom is 9.7% APY. Meanwhile, over 10.28% commission is distributed among the validators. The rewards are generated through transaction fees on the Cosmos Hub. Atom price is currently down by more than 82% from its all time high and can see a strong downside trend in the future.
Atom has a market cap of $165 Million and is ranked 20th in the CMC. The volume of the asset price has seen a decline of over 15% in the past 24 hours. The V/M ratio of ATOM suggests a consolidated trend in price
Will ATOM Hit the $5 Low?
Cosmos price is currently trading in a bearish momentum on the weekly chart. ATOM price is forming strong bearish engulfing candles on the daily chart. ATOM price is trading near the value of $7.861 with a drop of 15% in the intraday session. The downside trend of ATOM can see a bounceback from $5. Meanwhile, the resistance of the Cosmos can be seen near $10. ATOM price is trading below the 50 and 100 Daily Moving Averages. If a negative crossover happens then a strong downside trend can be seen in the future.
The RSI of ATOM is near 19.65 with a downslide slope in it There is a negative slope in it suggesting a strong downside trend in price.
Summary
Atom price is currently seeing a surge in their defi users along with the other Dapps. ATOM price is seeing a bearish momentum and can see a bounceback in the future
Technical Levels
Major Support:$6
Major Resistance:$10
