What’s Next For ATOM Price?

Cosmos is a decentralized network of independent blockchains which is connected through IBC. Cosmos is a groundbreaking platform in the crypto space that is addressing some of the major issues in this field. They aim to solve the problem of interoperability in the cryptocurrency space. Cosmos allows developers to create multiple blockchains which can process the parallel transaction which helps to achieve scalability without sacrificing security. The company aims to be the “Internet Of Blockchains” and has attracted over 258 Dapps. Cosmos uses vertical and horizontal scalability to scale its horizon. They use a Proof of Stake algorithm to validate their transactions. Cosmos white paper came in 2016 and since then it has observed a strong rise. Atom has over $60 Billion+ in assets under management. It has a 90% less carbon footprint with transaction fees of $0.01. The revenue generated by the platform has observed a decline of over 7.6% in the past 30 days as per the token terminal.

Cosmos has a market cap of $3 Billion and is ranked 22nd in the crypto-verse. The volume of the asset price has observed a slight decline. The V/M ratio of ATOM suggests a consolidated trend.

Will ATOM Price Hit The Support Of $10 Soon?

The weekly technical chart of ATOM price suggests a win for the bears. On the daily technical chart, it is observing a consolidated bearish trend. ATOM’s price is currently near the value of $10..55 with a small drop in the intraday session. The upside momentum of ATOM can see a halt near the value of $12.Meanwhile, the support of the asset price can be observed near the value of $10. ATOM price is currently moving below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low in future.

The RSI of ATOM is near 40 suggesting its presence in the neutral zone. There is no slope in it hinting towards a consolidated trend in price.

Summary

Cosmos is currently observing a decline in revenue in the past 30 days. ATOM price is currently seeing a decline but can observe a bounce back soon.

Technical Levels

Major Support:$10

Major Resistance:$12

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.