Cosmos coin price up 3.84%. Time to Buy ATOM?

The Cosmos network’s ATOM token has been one of the most impressive coins in the past 24 hours. Can this rally be held? Is It a Good Time to Buy ATOM? Let’s dive right in.

Kosmos: Blockchain 3.0

Cosmos is a decentralized network that enables data to be exchanged between different blockchains. The project aims to solve scalability and interoperability problems in the blockchain industry while offering an ecosystem of connected blockchains.

The origins of Cosmos can be dated back to 2014, when Tendermint, known as the gateway to the network, was founded. Cosmos published its whitepaper in 2016 and a year later it hosted a Token Sale / Initial Coin Offering (ICO).

Cosmos has three core components working together, including the Tendermint Core, the Cosmos Software Development Kit (SDK), and the application blockchain interface.

The project also has a distributed ledger called the foundation of the blockchain called the Cosmos Hub.

Cosmos was officially launched in 2019 after its ICO. The founders include Jae Kwon, Zarko Milosevic and Ethan Buchman, who are also co-founders of Tendermint.

The protocol uses both the Byzantine fault tolerant consensus protocol from Tendermint and the Inter-Blockchain Communication (IBC) protocol.

The ATOM token acts as the governance asset of the protocol. The tokens are earned through a hybrid proof-of-stake algorithm and help keep the Cosmos Hub secure.

67% of all retail investor accounts lose money when trading CFDs with this provider.

ATOM catches tail wind

Like all cryptocurrencies, the price of the ATOM token rose sharply earlier this year as demand for the coin increased.

It hit $ 7 in January of this year from the $ 5 it was trading at in December 2020.

The surge continued until it hit an all-time high of $ 32.14 in May this year. Over the past few months, however, the price has fallen along with many other assets.

Ranked # 41 by market cap on CoinMarketCap, ATOM is currently trading at $ 12.70, an increase of 3.84% over the past 24 hours.

ATOM technical and fundamental analysis

ATOM’s technical indicators pointed to short-term bullish momentum over the next few days. The digital asset’s Relative Strength Index (RSI) is a healthy 57.34 on the daily chart.

The wolfpack ID strategy emphasized this short-term upward trend by showing the green line on the same path as zero.
ATOM’s 20-day moving average (MA) is parallel to the indicator at $ 12.70, while its 200-day MA is at $ 12.96, signaling a bullish trend.

The Moving Average Convergence Divergence (MACD) is also bullish as it is trending up above zero. These indicators show investors that it is a good time to buy ATOM.

In terms of the basics, Cosmos Hub has passed over 100,000 ATOM delegators and $ 330,000 ATOM accounts.

In addition, Akash Network, an open source cloud also known as Airbnb for cloud computing, announced the integration of Akash Token (AKT) and Cosmos ATOM tokens on Osmosis last month.

Osmosis is an automated market maker (AMM) protocol designed for liquidity providers that enables users to earn rewards for providing liquidity. Users can now trade ATOM tokens on the network.

Cosmos has also introduced upgrades to its platform. The latest upgrade, called Stargate, was unveiled to the Cosmos community earlier this year.

Stargate represents an important milestone for the Cosmos project on the way to the introduction of its IBC protocol.

With this upgrade, over 200 Tendermint-based blockchains could work together seamlessly.

Cosmos will also introduce another upgrade called Gravity DEX (decentralized exchange) this year.

The Gravity DEX will act as an online marketplace for trading tokens from any connected blockchain, including tokens from IBC-enabled blockchains, from ETH to packaged BTC tokens, and from all future networks implementing IBC.

Buy crypto at eToro, the world’s leading trading platform!


About Jimmy Aki PRO INVESTOR

Jimmy is a UK-based economist with outstanding hands-on and face-to-face experience in macroeconomic financial analysis, forecasting and planning. He has refined his skills through a cross-continental activity as a financial analyst, which gives him intercultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him to peek under the global hood to see how the world works.

Comments are closed.