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- 1 Tether USDT has been added to the Cosmos ecosystem.
- 2 ATOM is facing a huge decline in derivatives trading volume in the last 24 hours.
ATOM, also known as COSMOS, is a popular ecosystem of blockchain. It enables different blockchains to interoperate. The coin was launched for the first time on 11 December 2019. It works on SHA_256 hashing algorithms. The ATOM coin follows the POS consensus mechanism. It is a native currency of Cosmos network, often used to pay for transactions and network fees. Cosmos was created by Interchain Foundation. It is a Swiss-based non-profit organization.
Cosmos network provides one of the best-in-class open-source libraries and services. The apps and services in Cosmos connect with each other using IBC. It is also known as the Inter-Blockchain Communication protocol. It helps in a free exchange of assets and data over the sovereign networks. The Cosmos has more than $42B in digital assets under management.
The market cap of the Cosmos coin has advanced by 1.63% in the last 24 hours but the volume has declined by 13.27%. The current volume/market cap ratio of the coin is 1.96%. This indicates the amount of ATOM crypto being traded out of the overall market cap. Cosmos has a total supply of 366.386M Cosmos and the circulating supply is also same as the total supply.
ATOM Crypto Price Technical Analysis
The ATOMBTC pair is following a steep downtrend on the charts, making a lower low swing structure. The price still does not show any sign of change of trend in the crypto. It makes the ATOM coin price bearish.
Consistent decline in price has led to the death cross in the EMAs. The RSI is also trading in a downtrend trading below the 50 level and hitting the oversold zones. It shows the massive dominance of sellers in the ATOM coin.
Cosmos Derivative Volume Analysis
The ATOM crypto does not show any significant change in the derivative volume. The coin’s derivative volume has declined by -40.53% and the open interest has also declined by 5.15%. The coin has huge volume activity in mid-2022, compared to the following data, there is no significant activity in ATOM crypto.
Conclusion
The price of the ATOM coin is trading in a downtrend, following a negative market structure. Technical indicators like EMA and the RSI are also bearish for the coin. The volume of the coin has also declined in the last 24 hours.
Therefore we might get to see a further decline in the price of the ATOM coin in the upcoming days.
Technical Levels
- Support levels for the Cosmos Coin are: 0.0002080 BTC and 0.0002692 BTC
- Resistance levels for the Cosmos Coin are: $0.0005543 BTC and $0.0006623 BTC
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
