Cosmos, the blockchain-based network that’s building a smart contracts platform, has seen a massive 69% jump in price in the last 24 hours, following a surge in new users. The price jump has been attributed to a series of new partnerships announced recently, that could see the project use the network to power a number of different solutions.
The Cosmos price is still hovering around the mid $10 range with the daily trading volume of around $2.5 million not being particularly significant but the price has been recovering somewhat in the last few days that might suggest that there might be a slight bearish wave in the making. Investors are hoping for a price correction in the next few days in order to lower the price to the $12-$14 range.
The Cosmos price hype, which started in early January, has subsided, with the price now plunging back below $10. The altcoin has recovered of late and is now up over 10% on the week, taking it to a new all-time high of $11.21.
- Cosmos price analysis shows bullish signs as ATOM reaches $15.35.
- The bulls are looking to end the consolidation and move further up towards $18.00.
- ATOM/USD is facing strong resistance at $15 and then at $18.
- Cosmos is slowly rising through the ranks of altcoins thanks to its appeal to investors.
Coin360 crypto-currency heatmap Cosmo’s price analysis highlights the growing popularity of altcoin among investors. It is one of the few popular alternative currencies that has weathered the recent recession well. The current consolidation is also mature, as the bulls have defended key support levels and the sideways movement reinforces the consolidation pattern. Cosmos is definitely a stellar crypto-currency with growing market capitalization and trading volume. Cosmos currently has a market value of approximately $3 billion. It is projected as a cryptocurrency that aims to solve the most complex problems of the blockchain industry in an environmentally friendly, sustainable and cost-effective manner. It aims to make decentralized financial applications more user-friendly by demystifying their daily use. Cosmos has undoubtedly attracted investors, as evidenced by the increasing volume of transactions. At the time of writing, the ATOM/USD pair is trading near the $15.00 level with an upward bias. Despite the extreme Bollinger Bands limiting the pair, it is slowly moving upwards.
Cosmos price movement of the last 24 hours: Movement inside the narrowed Bollinger Bands
The ATOM/USD pair is mainly limited to the Bollinger Band area of $15.30 to $12.80. It peaked at $15.35 and moved slightly outside the Bollinger Bands, only to move back in. Since then the pair has been printing small green candles on the charts with little upward movement. However, the sloping Bollinger Bands and the upward sloping price channel give bullish signals for the bulls. According to Cosmos’ price analysis, the pair is trading above its 9-day simple moving average at $14.21. Furthermore, the narrow bandwidth of the Bollinger Bands will continue to tighten as we move forward. Such a situation is likely to result in a sharp tightening of the Bollinger Bands, which would mean a breakout in either direction. With volumes and market values rising, the breakout is likely to be upward rather than downward. ATOM is down from a high of $32.35 in early May. In the following two weeks, it reached a low of $8.76 as negative sentiment towards cryptocurrencies took billions of dollars out of the market. Analysis of Cosmos’ share price shows that the recovery from the low of $8.76 has been relatively quick. A recovery rally implies a gradual increase based on increasing volumes and reflects the characteristics of mature assets.
ATOM/USD 4-hour chart: Sideways upward movement
Cosmos by TradingView On the 4-hour chart, ATOM/USD is moving sideways, with prices remaining in a narrow range of $15.00 to $12.50. However, the Bollinger Bands, as well as the price channel, are rising. The 50- and 100-day moving averages also slope upward, indicating a slight upward trend in price, according to Cosmos price analysis. The RSI remains at 60 on the hourly chart, indicating that the trend is clearly bullish. The MACD indicator is in the green zone with an exact upward cross. In addition, the Stochastic RSI signals a bullish breakout, but only on the hourly charts for the short term. Technical indicators on the daily charts remain in the red. According to Cosmos’ price analysis, the pair faces initial resistance at $15 and then $17.50. To overcome the $20.00 resistance, the pair will need high volumes and support from the broader crypto-currency market. In a downtrend, the bulls are poised to defend the pivot point at $12.00.
Conclusion on the analysis of the cosmos course: ATOM ready to recapture $20
The negative sentiment in the cryptocurrency market seems to have subsided for now. Most major altcoins are experiencing a relief rally and are about to complete a tightening phase. ATOM is no exception. The pair surprisingly survived the drop to $8.00. Over the next few trading sessions, if trading volume continues to increase, the ATOM/USD pair will first break through the $18.5 level and then push through to $20. Traders should keep an eye on the technical indicators before taking long positions. Analysis of the Cosmos price shows that bullish headwinds are supporting the price well. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Cosmos prices have been rising lately and are seeing a relief rally despite the overall bearish market. The Cosmos price has been on a downward trend since January 2018, and has been trading in the range of $5.50-$6.50 for the majority of the time. However, the price rallied from November’s low of $5.69 to a high of $7.06 in December. Given the price decline, pressure on supply, and increase in network activity and trading volume, we see a price rally as the most likely scenario, with a target price of $18 by the end of 2018.. Read more about cosmos (atom news) and let us know what you think.
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