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.
Read more on the subject and discover the world’s most interesting financial news with the mobile app Born2Invest. The app provides its readers access to the latest news in global business, stock market, finance news, and also trending topics like bitcoin, cryptocurrency, and biotech.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Doorway and OurCrowd Team Up to Facilitate Investments in International Hi-Tech Startups
OurCrowd, a global online venture investing platform, was recently named the most active venture capital investor in Israel by Pitchbook....
Golf Carts Just Got Real Sexy—Triad Pro’s eCell Is the Reason Why
What’s one EV that’s sure to get you talking? How about the solar-powered SPREE golf cart? No? Let’s change that....
Bitcoin Makes a Comeback Despite News about Omicron Variant
Before the WHO announcement, the value of Omicron was just $65 and shot up to $675 by Sunday, but the...
Eroski Opens in Vitoria its First 100% Renewable Energy Market
The store that opened on November 29th and opened to the public on November 30th represents the culmination of a...
How Xrapplied Is Bringing Business to the Augmented Reality (AR) and Virtual Reality (VR) Metaverse and Beyond
XRApplied is tapping into an AR, VR, and MR metaverse market that is expected to reach over $450 billion in...
Cannabis2 weeks ago
120,000 Visitors Expected at an Exhibition on the Cannabis and Hemp Industry in Argentina
Business2 weeks ago
Lundin Group-Backed ShaMaran Primed for Post-pandemic Oil and Gas Comeback
Business1 week ago
Welcome to the MicroBuddies™ NFT Metaverse: Game Collectibles for Fun and Profit
Crypto2 weeks ago
Costa Rica Proposes a 13% Tax on Cryptocurrency Purchases