Cosmos sold in the crypto market is very volatile in 2022, but 2023 shows signs of recovery. CoinMarketCap shows the largest global crypto market increase in 24 hours. The price of cryptocurrency in the market increased in 24 hours. This data shows that there is still a global interest in cryptocurrencies.
According to a Twitter poll, 53.8% of respondents see the start of 2023 as offensive. In contrast, 46.2% predict a bearish market trend for the beginning of 2023. However, Twitter user Neon Panda says these predictions are speculation because privacy is complex.
Cosmos (ATOM), representing number 20 in the list of crypto markets, showed signs of recovery in its price today, January 9. Cosmos benefited from this improved market outlook as its ATOM benchmark was also in the green today.
The price change in 24 hours is $1.24, an increase of 12.34%. This increase is reflected in the trading volume of assets, which is 265.39% higher.
How Long Will Cosmos (ATOM) Go Up?
ATOM is currently on the rise at the beginning of the year. A long-term green candlestick formation indicates that the bulls have a strong hold on the market. The stock broke a sideways trend and continued to rise on the chart. Its support level of $8.441 was held as the price rose. Atom will face resistance at $14.458 and $15.817. However, with these levels below the $44.70 high, this is still possible.
The stock is trading above the 50- and 200-day simple moving averages (SMA). This shows that both the short-term and long-term effects are now dire. Also, the Relative Strength Index (RSI) gives a similar signal with a reading of 75.87, which is in the trained zone. The Moving Average Moving Average (MACD) is also critical. The MACD is above its indicator, which is a buy signal. This means that ATOM can continue to increase its price in the coming weeks without adverse events.
However, note that if a digital asset falls 50%, it will recover 100% back to its original price. This task can be complicated for altcoins to accomplish. Also, investors should consider that altcoins are more volatile than high-income cryptocurrencies like bitcoin.
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What Causes The Rebirth of the ATOM?
Although the crypto market has shown signs of recovery, it still remains volatile. Many reasons for the change in the price of digital assets in the crypto market.
ATOM is experiencing price growth due to increased trading volume, according to data from CoinGecko. The Cosmos Network aims to act as a bridge connecting other blockchains to communicate seamlessly.
Also, providing regular updates on the network, such as the Web3 solution, has contributed to its popularity. In the Cosmos network, bloggers receive regular updates on events.
Cosmos has a community with a large audience where information and communication are still the most important thing. Developers can also communicate and exchange ideas within the community.
The network also supports 266 modern applications and services. With a thriving ecosystem and everyday use cases, it’s easy to see why the brand is enjoying a resurgence.
