• Mon. Jun 17th, 2024

Cosmos price prediction: Is ATOM a good crypto to buy today?

Cosmos price moved sideways on Tuesday as investors focus on the latest update by the developers. ATOM was trading at $14.45, which was slightly below last weekend’s high of $16.91. It has risen by more than 156% from the lowest level this year, giving it a market cap of more than $4.2 billion.

Cosmos new vision

Cosmos is a leading blockchain project that aims to solve some of the biggest challenges in the world. It is used to ensure that cryptocurrencies created in different chains can communicate with each other. 

At the same time, the Cosmos SDK has been used to build some of the most popular projects like Injective Protocol, ThorChain, and Osmosis. Cosmos also introduced social coordination technology, interchain security, interchain allocator, and liquid staking

Cosmos is now moving to the next stage of its development. In a statement, the developers said that the original vision they had been realized. 

In the new Cosmos whitepaper, the developers said that the next part of the platform’s transition will be to strengthen its interoperability and security. Also, there will be more emphasis on ATOM, the native coin for the Cosmos ecosystem.

One of the key changes that will come in Cosmos will be the reinvention of the Cosmos Hub as the interchain web. As a result, this will enable other Cosmos blockchains to borrow the validator pool to secure their networks.

All these changes are now proposals and the governance individuals are assessing and voting for or against them. The changes will then happen on October 3rd of this year.

The new changes happen as more developers continue shifting to the network. dYdX, one of the biggest decentralized exchanges (DEXes) is moving to its platform. And in August, Delphi Labs announced it would shift focus of its research and development toward Cosmos.

Cosmos price prediction

The daily chart shows that the ATOM price has been in a strong bullish trend in the past few weeks. Along the way, the coin has formed an ascending channel that is shown in black. It is now along the lower side of this channel.

Cosmos has moved above the 25-day and 50-day moving averages while the MACD has continued falling. The price is along the 23.6% Fibonacci Retracement level. Therefore, ATOM price will likely continue rising as bulls target the upper side of the channel at $20, which is a 40% increase.

The post Cosmos price prediction: Is ATOM a good crypto to buy today? appeared first on CoinJournal.