Crypto news: In the various market turmoil, how are Cosmos (ATOM), Sandbox (SAND) and Chainlink (LINK) coins performing? See below for an in-depth look at prices and the latest news involving them.
Cosmos (ATOM): price analysis and optimistic outlook in a bullish environment
The price of Cosmos is currently above the bullish zone, showing a positive trend.
The transaction volume for this cryptocurrency in the past 24 hours is 117.094 million, while its market capitalization is 3.545 billion.
In the past seven days, ATOM’s price has seen a modest decline of 1.00%, but it has achieved a remarkable gain of 47.28% in the past month.
Moreover, currently, Cosmos is showing robust bullish momentum, evidenced by the breakthrough of the 50-day and 200-day moving averages.
The future outlook for the price of the Cosmos cryptocurrency looks positive, with the possibility of a new uptrend and further gains if buying demand persists.
Cosmos’s technical indicators clearly point to a robust bullish trend. In fact, the MACD, RSI, and super trend line support the cryptocurrency’s growth.
The MACD line is above the signal line, suggesting bullish momentum, while the RSI is above 66.12, indicating positive momentum. The super trend line, on the other hand, is below price, confirming a bullish trend.
All these indicators suggest that ATOM is currently in a powerful bullish trend and could continue to rise.
Finally, based on the weekly charts, we see that Cosmos is close to a potential critical breakout, which occurs when the price breaks above the 50-day moving average (EMA).
However, buyers are defending the cryptocurrency from $9.00 support. The RSI, which is near 55, shows an increase from the neutral zone, indicating buyer interest in previous trading sessions.
The Sandbox’s boom: partnership with Gucci pushes SAND token to the top of the Metaverse
Recent on-chain analysis for SAND focuses on the impact of the recent partnership between The Sandbox and fashion giant Gucci on demand for SAND tokens.
By overtaking Axie Infinity, The Sandbox claims the top spot as the most valuable project in the metaverse. The question now is whether the partnership with Gucci will continue to catalyze significant increases in SAND prices.
Since The Sandbox announced its latest partnership with Gucci on 8 November, crypto whales have shown aggressive interest in buying SAND.
In fact, according to on-chain data, the rise in SAND prices following the announcement has been predominantly driven by a group of strategic crypto whales.
Between 11 and 16 November, the whales, with wallets containing 100,000 to 1 billion SAND, acquired a sizable total of 30 million tokens, bringing the whales’ cumulative balances from 749 million to 779.30 million in a single week since the Gucci partnership.
The current value of these 30 million tokens, calculated at a market price of $0.44, is around $13.2 million.
The intense buying pressure from the whales has clearly exerted an upward pressure on the price of SAND.
The timing of this buying trend confirms that the partnership has significantly boosted investors’ confidence in the price prospects of The Sandbox.
With other strategic retail investors following the whales’ lead, a further push toward the $0.50 mark for the SAND token is on the horizon.
Chainlink’s price outlook: comparison with ATOM and SAND crypto assets
In a recent analysis on X, expert Ali pointed out the possibility of a breakout in LINK’s price chart. The technical pattern in question is the “bull flag,” so named because of its resemblance to a flag on a pole.
This pattern occurs when the asset price undergoes a pullback after a significant rally and stabilizes in a certain area. The initial trend serves as the “pole,” while the parallel trend lines in the consolidation area form the “flag.”
The length of the flag, that is, the distance between the parallel trend lines, is always at most half the length of the rod. If this proportion is not respected, the pattern does not correspond to a bullish flag.
Within the flag, price experiences resistance on the upper line and support on the lower line. A successful break of the resistance zone usually suggests that the asset is ready to continue the initial bullish trend.
In the case of Chainlink, as demonstrated by the analyst, it had previously consolidated into a presumed bullish flag. However, with the recent rise in prices, the asset experienced a break in the pattern.
At the time Ali shared the chart, LINK was trading just below $15. The analyst indicated the possibility of a retest of the breakout zone, located around $14.
Since then, the cryptocurrency has indeed retested with a slight retracement in price.
Ali suggests that there could be a further rise toward the $20 mark, continuing the current bullish momentum. This potential jump would imply gains of about 42% for Chainlink from the current price.
It remains to be seen whether the bullish flag pattern will be confirmed for this cryptocurrency and whether a return to the bullish trend will occur.
Source: https://en.cryptonomist.ch/2023/11/22/prices-latest-crypto-news-atom-sand-chainlink/