The Kosmos Prize was pressured this week. It is trading at $ 18.80, which is 30% below its all-time high of $ 26.73 but 95% above its low this week of $ 9.85.
Kosmos news: ATOM price fell sharply this week in response to the sharp decline in Bitcoin and other crypto majors. Before the sharp decline, the Cosmos price was up more than 710% this year. It’s still up more than 470% for a total market cap of more than $ 4 billion.
The latest big Cosmos news is that the developers have managed to release the new Stargate update. This update introduced several important improvements to the protocol. The most notable thing about this upgrade is the Inter-Blockchain Communication (IBC) protocol.
The IBC will help developers in the Cosmos ecosystem develop products that can communicate with other blockchains such as Ethereum and Solana. This could lead to improvements to existing Cosmos projects like Terra and Binance Chain.
Kosmos price prediction
In my last note on the ATOM price prediction, I noted that a pullback to $ 15 is possible. While the decline was difficult to predict this week, the forecast was correct as the price fell to $ 10 before bouncing back to $ 24.
On the hourly chart, we can see that Cosmos price is pointing down at an important level as it is in the median of the Andrews Pitchfork level. Therefore, a sharp drop below this level will encourage the bears to retest initial support around $ 15. This corresponds to a decrease of around 20% compared to the current level.
Don’t miss a beat! Follow us on Telegram and Twitter.
ATOM price table