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Analysis

Cosmos (ATOM) In Green While Entire Market Bleeds

A day after the much-anticipated Merge, many cryptocurrencies have misplaced greater than they gained. The total market is purple, and even the highest performers usually are not displaying indicators of price good points. Many traders predicted a downtrend reversal after Ethereum’s improve to a proof-of-stake mechanism. 

But proper now, the reverse is the case. For occasion, the primary crypto has remained purple in its 1 hour, 24 hours and seven days price good points. Currently, the Bitcoin price is $19.659.95 representing a 2% loss in 24 hours. 

Related Reading: Ethereum Faces Test Of Survival After Merge, Can $1,400 Support Hold?

September 16 knowledge reveals that Bitcoin lost 0.61% in 1 hour, 1.88% in 24 hours and 6.26% in 7 days. 

Apart from Bitcoin, Ethereum has misplaced extra. ETH’s price is at present at $1,451.49, displaying a transfer away from the earlier $1700+. The Merge hasn’t resulted within the price push as many anticipated. 

But whereas many cryptos are recording pullbacks in costs, Cosmos ATOM has continued its good points. 

Cosmos ATOM Gains Amid Price Crash

 

Cosmos ATOM price at present stands at $16.16 after including 11.49% within the final 24 hours. The coin ranks quantity 20 on the CoinMarketCap crypto rating. ATOM has recorded some price development on this interval, even when others wrestle. 

Its price chart as we speak, September 16, confirmed a steady rise in inexperienced. There have been some dips, however to not the purple zone. For occasion, ATOM’s price stopped at $14.65 on September 15. This morning, it rose to $14.73 and continued climbing till its present price of $16.16 at press time. 

Analysts learning the price motion have famous that ATOM highs and lows remained throughout the ascending channel trendlines. Also, the price recorded a bull break exterior the channel and tapped a 200-day transferring common earlier than correcting to the midline and 20-MA, confirming every assist. 

After testing the assist, ATOM price continued its uptrend and is buying and selling within the present vary topside. Analysts consider it’d retest the 200-day MA to flip its stage to assist. 

ATOMUSD
ATOM’s price is at present buying and selling at over $15.70. | Source: ATOMUSD price chart from TradingView.com

What Factors Are Pushing Cosmos Coin

Many elements could possibly be linked to the expansion of ATOM. One such occasion is the transfer of many protocols from Terra to Cosmos Hub SDK. In early September, Delphi Digital introduced it could construct new tasks on the Cosmos community. 

As extra DeFi protocols and decentralized apps (DApps) flood the ecosystem and take part in its interchain safety system, ATOM worth skyrockets. The AMMs, DeFi, and DApps working on the community increase staking and charges, thereby rising stakers rewards. 

Related Reading: Why Cardano (ADA) Could Be Registering Another Decline, Analyst Explains

Data reveals that ATOM affords 17.75% APY, and 66.75% of the coins in circulation are staked. Also, Cosmos is planning to launch a liquid staking characteristic that may improve purchase strain on ATOM when deployed in DeFi platforms throughout blockchains. 

All these elevated actions within the ecosystem are pushing ATOM costs upwards. Analysts count on to see extra good points because the community grows. 

Featured picture from Pixabay and chart from TradingView.com

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