The price of Cosmos skyrocketed on Thursday, September 23rd, as interest in altcoins reawakened. The price jumped more than 5.6% to reach a high of $35. This rally brought the total market cap to more than $9.1 billion and catapulted it into the top 20 largest cryptocurrencies in the world.
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Cosmos is a fast-growing blockchain platform
Its goal is to be “the internet of blockchains.” With Cosmos, developers can create decentralized applications that are connected through the Cosmos ecosystem.
In recent years, demand for Cosmos has skyrocketed. For example, the number of blockchain applications on the network exceeds 255. As a result, the total amount of digital assets secured through the network has increased to more than $102 billion.
In fact, many well-known blockchain projects use the network. Some of the most famous ones are Binance Coin, Crypto.com Coin, Osmosis, OKExChain, and Hard Protocol, to name a few. ATOM is the native token used in this ecosystem.
The most recent addition to Cosmos was Gravity DEX is a cross-blockchain DeFi protocol. It allows users to exchange, transfer and store assets across multiple blockchains at a relatively low cost.
The Cosmos price is recovering due to the general demand for altcoins. In fact, a closer look at CoinMarketCap shows that most altcoins such as Cardano, Terra, Avalanche, and Algorand are up double digits.
Ironically, this rally even took place after relatively hawkish decisions by the Bank of England (BOE) and the Federal Reserve. The two major central banks signaled that the era of easy money was about to end. Therefore, the price rise is mainly due to investors who sold the rumors and are now buying the news.
Cosmos price forecast
The hourly chart shows that the ATOM price has risen more than 45% from its low this month. Along the way, it has broken above the key resistance level at $29.40. It has also risen above the 25- and 50-day moving averages, while the Relative Strength Index (RSI) has been trending upward.
The current level is along the descending trend line shown in black. Therefore, a major bullish breakout will be confirmed if the price rises above the major resistance at $36. On the other hand, a drop below the key support at $32 would destroy the bullish outlook.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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