Crypto Currency News
Bitcoin
$65,978.16
-377.82
Ethereum
$3,523.48
-26.99
Litecoin
$77.70
-1.9
DigitalCash
$24.97
-0.74
Monero
$173.75
-1.49
Nxt
$0.00
-0
Ethereum Classic
$24.23
-1.17
Dogecoin
$0.13
-0

Cosmos Price Prediction: Is The ATOM Bull Run Still Intact?

Cosmos price trended higher on Friday as demand for the currency increased. The ATOM token rose to $ 31.55, its highest level since December 3rd. It’s up about 55% from its lowest point this month.

Why is ATOM increasing?

Cosmos is a leading blockchain platform that defines itself as the internet of blockchains. It’s an ever-growing ecosystem of interconnected applications and services designed for blockchain technology.

Cosmos hosts approximately 162 applications with a combined Total Value Locked (TVL) of more than $ 171 billion. Some of the most popular uses in this ecosystem include Binance Coin, ThorChain, KuCoin Token, and Mirror Protocol, among others.

The idea behind Cosmos is relatively simple. In most cases, applications built on different platforms are often difficult to communicate with each other. For example, apps based on Binance Smart Chain can only interact with those built on the chain.

Cosmos uses the Inter-Blockchain Communication (IBC) protocol, which facilitates this development. It is the technology that handles the transport across various sovereign blockchains. ATOM is the native token for this ecosystem.

The Cosmos Prize has done well due to the recent introduction of Terra into its ecosystem. Terra, the South Korean platform, has become the second largest platform in the world after Ethereum. It is also the ninth largest cryptocurrency in the world, while TerraUST is the fourth largest stablecoin.

Kosmos price prediction

The daily chart shows that the ATOM price has been recovering steadily lately. It has risen from a low of US $ 20 last week to its current level of US $ 31. It also slid slightly below key resistance at $ 32.70, the highest level in May.

Cosmos price is slightly above the 25- and 50-day moving averages, while the Relative Strength Index (RSI) is pointing higher.

Hence, the price is likely to continue to rise as the bulls target the key resistance level at $ 45. This view will be void if the price drops below $ 20.

Comments are closed.