Can Cosmos Crypto Rise Big Soon, After Bleeding Massively?

• 1 Developer activity metrics show positive developments and consistent growth, supporting a positive outlook for Cosmos crypto.
• 2 Despite a dip in April, there is sustained support and bullish trend possibilities with high volume.

The price of Cosmos experienced a bullish market trend between October 2023 and March 10th, 2024, leading to a significant increase in its price value from $6.20 to $14.50, as per the daily chart.

Cosmos has been performing well in the last six months, with a gain of 34.66%. However, in the past week and month, the price violated the uptrend from the supply level of $14.50. As a result, the weekly and monthly charts showed a decline of -21.72% and -31.37%, respectively.

However, the Cosmos crypto has exhibited a sign of possible recovery coming soon on the daily chart, as the price showed strong sustenance signs at a crucial support level of around $7.20.

The Cosmos crypto may probably experience a significant increase once again. That’s because its price had previously soared from around a similar level of support. The main reason for this is the willingness of the buyers to surpass the resistance level, which will push the asset to higher levels from its current supporting range.

The ATOM crypto asset is displaying bullish behavior as the MACD histogram is not growing, which is at -0.309 and confirms the sustenance activity. Similarly, the RSI is at 30.28, which highlights that it can extend its gains, as it has turned in the 14-SMA direction in the hopes of breaking it from below.

Meanwhile, The Cosmos asset indicates that its bullish strength is coming back, and its capacity to rise is visible on the daily chart. If buyers come into the market, the price of Cosmos could potentially surpass the important 20-day and 50-day EMA’s from a lower position.

Cosmos crypto has seen an increase of 3.57% in the past 24 hours and is being traded at $8.648 at this moment of writing.

Therefore, if the demand for the ATOM price (Cosmos) increases from the current support, it could bounce back remarkably. The next target for the price could be to reach $10.0 and $12.0.

If the price value of Cosmos crypto fails to stay above $7.20, it could also see a further decrease.

Cosmos Price and Volume Analysis

A deeper evaluation of the chart shows that the volume and ATOM price were both low before December 2023. That indicated a lack of interest and activity in the market for the ATOM asset, with volume under $300 million while the price hovered around $9.0.

However, from the start of 2024, the volume and price continued to rise, and a significant increase in activity was observed. It illustrated increased demand and excitement about the Cosmos price, with trading volume exceeding $300 million to the max at $400 million and the price rising drastically from $9.0 to $14.50 by March 7th, 2024.

The second week of April 2024 saw the Cosmos price and volume fall once again, hitting a low point. Despite this dip, there was sustained support and a bullish trend on the chart, as volume increased significantly, where the current volume is at 799.34 million.

Twitter Followers are on the RIse

On the Cosmos crypto, there has been a significant increase in active users and Twitter chatter, and it has been showing a consistent incline in its followers. It can be inferred that the popularity of ATOM is inclining.

The increasing number of tweets mentioning ATOM (Cosmos) highlights its inclining growth and shows that it has been among the trending tokens of recent times.

Cosmos Crypto Development Activity Evaluation

In addition, the ATOM metrics point out the vitality of developer activity by tracking the number of commits over time. There has been consistent and sustained growth in both developer activity and commit count in Cosmos, indicating positive developments. This graph confirms that Cosmos crypto is receiving consistent and regular work and that developers are working seamlessly on it. These metrics support a positive outlook for Cosmos crypto.

Summary

Cosmos experienced a bullish market trend from October 2023 to March 10th, 2024, with its price rising from $6.20 to $14.50. Despite recent declines, signs of recovery are seen, with the potential for a significant increase in price if buyers push past resistance levels. Cosmos is currently trading at $8.648.

The Cosmos crypto’s price value may decrease if it falls below $7.20. Low volume and price before December 2023 indicated a lack of interest. From the start of 2024, volume and price rose significantly, showing increased demand. Despite a dip in April 2024, there is sustained support and bullish trend possibilities with high volume. 

Moreover, its increased Twitter chatter and followers suggest growing popularity. Developer activity metrics show positive developments and consistent growth, supporting a positive outlook for Cosmos crypto.

Technical Levels

Support Levels: 

Resistance Levels: 

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.