COSMOS (ATOM) up 20% in a week: Will ATOM go to $45?
The Cosmos coin was in a correction phase from November until mid-December 2021. When the coin price dropped to $20.3 support, it was discounted by 53%. Later, the price began to rebound and formed a cup and handle pattern, indicating that this rally had additional potential.
This was an indication of ATOM’s strength and demand during the last two weeks. Trading volume has been growing in tandem with the price, and ATOM has now been above $37 at press time.
Key Takeaways (ATOMUSD)
- COSMOS’s monthly transactions cross 28 million. “IBC is the only live interoperability standard to connect blockchains together, supporting a shared economy of 75 billions USD,” COSMOS says in an official tweet.
- Cosmos, created by the team behind the Tendermint project, aspires to be the ultimate blockchain communication platform. Using the Cosmos SDK, developers can create cross-chain apps that interact with virtually any blockchain without having to go through the time-consuming process of connecting projects using network bridges.
- The Inter-blockchain Communication protocol is used to connect blockchains (IBC). IBC is a secure messaging protocol that allows blockchains and ledgers to communicate with one another.
Price Analysis of ATOMUSD
Fear & Greed Index: 29, Fear
All-time High: $44.70
7d change: 21.43%
Market Cap: $8,517,257,246
Circulation Supply: 226,226,028 ATOM
Total Supply: 284,010,631 ATOM
Daily Chart Breakdown of ATOMUSD
ATOM had a great yearly closing with an almost 30% gain in the last 2 weeks. The market bounced from 61.8% Fib and $20 and surged from $20 to above $35 in just two weeks. If the bulls can keep this momentum, we might see the price near or above the all-time high of $45.
4h Chart Breakdown of ATOMUSD
The price is moving in a rising wedge pattern. A break above $37 might push ATOM towards $45. However, if the price is rejected from this level, it might go for a correction towards $32.
1 Hour Chart Breakdown of ATOMUSD
We can see the bearish divergence on a 1h timeframe. The price might get rejected from the resistance of $37.75, or a break above will push the price towards an all-time high of $45.
The market sentiment seems highly bullish for ATOM.
Can ATOM push towards the all-time high or even the psychological level of $50? It will depend on the performance of the COSMOS labs and their Dapps interface’s future.
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