• Sun. Oct 13th, 2024

Has Cosmos ATOM finally found a bullish footing?

Cosmos ATOM/USD has climbed 2% in the past day to consolidate weekly gains at 17% as cryptocurrencies recover. ATOM currently trades at $13, with a market valuation of over $3 billion. Equally, Cosmos has registered significant activities as daily trading volumes rose 63% to $628 million.

A broader outlook shows that the interoperability token is 59% lower year-to-date. While it is a significant sell-off, it is lower compared to the drop in the overall crypto valuation. The overall market cap is at $990 billion from a peak of $3 trillion.

Cosmos aims for blockchain scalability and connectivity through a unified network called the ‘Internet of Blockchains.’ The platform’s use case in enabling independent blockchain share data is seeing a rising interest among blockchains. This month alone, Cosmos added 17 new projects, with the weekly active users rising to more than 85,000 as of October 17.

Supporting the fast expansion of Cosmos is the ability to create a blockchain from scratch, with Cosmos IBC. The interoperability protocol is based on a proof of stake consensus and Byzantine Fault-Tolerant. Technically, ATOM is on bullish momentum, but the indicators show some weakness.

Cosmos surges from support as momentum wanes

Source – TradingView

ATOM moved from $11 to $13 within seven days, pushing it to the upper band of the Bollinger Bands. The trend means the digital asset may be due for a pullback. The view is complemented by the Stochastic Oscillator, which currently shows ATOM at the overbought zone. If the two technical indicators hold, the token could retest the $11 support level.

Concluding thoughts

Although ATOM has turned in positive gains, the token may be due for a correction and is not yet a buy. The technical indicators are pointing towards a potential pullback, at least in the short term. 

For the long-term outlook, Cosmos fundamentals in interoperability place the network in a strategic position. However, the overall crypto market sentiment is a factor to consider.

Where to buy ATOM

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.


Buy ATOM with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users.

It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.

On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.


Buy ATOM with Capital.com today

The post Has Cosmos ATOM finally found a bullish footing? appeared first on CoinJournal.