The price of Cosmos (ATOM) has gone from $ 8.7 to under $ 4 in less than three months, and the current price is $ 5. There is still some level of uncertainty surrounding the Cosmos project, but if the price bounces back above $ 6, the next target could be $ 7 or even $ 8.
Fundamental Analysis: There is still some level of uncertainty
Cosmos is a decentralized network of independent parallel blockchains, each supported by BFT consensus algorithms. Before Cosmos, blockchains were isolated and unable to communicate with each other, and Cosmos solves those problems with its technical vision.
Are you looking for quick news, hot tips and market analysis? Sign up for the Invezz newsletter today.
With Cosmos, blockchains can transfer values to one another via IBC and peg zones and at the same time retain their sovereignty. The main goal of Cosmos is to address the lack of interoperability in the market and it is important to say that ATOM is the native cryptocurrency of the Cosmos network.
It’s important to note that one of the main developers of the Cosmos blockchain accused Cosmos founder and CEO Jae Kwon of shirking responsibility for the project. “What Jae is doing is not decentralization, but a transparent attempt to evade responsibility for Jae’s neglect and neglect of the Cosmos project,” said Zaki Manian, director of Tendermint, on a Twitter thread.
There is still some level of uncertainty surrounding this project, but Cosmos (ATOM) is one of the cryptocurrencies that you definitely shouldn’t ignore. We also can’t forget that regulations in the cryptocurrency market can actually pose a threat to that cryptocurrency.
Investors in Cosmos should keep in mind that this is still a very risky cryptocurrency, but now could be a good time to trade Cosmos (ATOM).
Technical Analysis: Bulls are focused on breaking the USD 6 resistance level
Data source: tradeview.com
In this table I have marked important resistance and support levels. The major support levels are $ 5 and $ 4.5 and $ 4, $ 6, $ 7 and $ 8 represent the resistance levels. If the price jumps above USD 6 it would be a buy signal and we have the way to USD 7.
Any break above $ 8 will support the continuation of the uptrend for Cosmos (ATOM) and the next price target could be at $ 9. On the other hand, if the price drops below $ 4.5, it would be a strong sell signal and we have the open road to $ 4.
The price of Cosmos (ATOM) has gone from $ 8.7 to under $ 4 in less than three months, and the current price is $ 5. There is still some level of uncertainty surrounding this project, but Cosmos (ATOM) is one of the cryptocurrencies that you definitely shouldn’t ignore. If the price jumps above $ 6, the next target could be $ 7 or even $ 8.