Cosmos began as a small crypto-based startup in 2014, but through consistent development and out-of-the-box thinking strategies, it has scaled to new heights. The real breakthrough came in 2016, when Cosmos released the first white paper. Its hybrid proof-of-stake protocol is significantly faster, scalable, and energy-efficient.
Previously, in April 2021, Cosmos reached a new all-time high near $32 before succumbing to the market-wide cryptocurrency sell-off. On May 21, 2021, it experienced its most significant single-day drop of more than 45 percent. While traders were speculating on cryptocurrency valuations, the real value was in their protocol, efficiency, and real-world usability.
Following a low of $9 on June 21, 2021, unusual price action has aided the Cosmos and many other cryptocurrencies in scaling to new highs. Since June 21, the movement has been greater than 319 percent. However, the sell-off came to a halt on September 08, when it resembled the May 2021 fall. However, this fall turned out to be a sham, and the Cosmos price rose from $18.5 to $37.
Cosmos currently has a market capitalization of $7.7 billion, placing it among the top 25 cryptocurrencies. Cosmos ATOM, on the other hand, is a very important digital asset worth investing in due to its limited coin supply of 221 million.
Price Analysis of Cosmos
ATOM price action is extremely strong, with massive daily transactions. This trend has the potential to last for a longer period of time.
Cosmos cryptocurrency took support from its 200 DMA and moved towards its all-time high on September 8th, setting a new high of $38.927. This price movement reaffirms the investor’s faith in the fundamental aspects of the Cosmos blockchain and its ATOM cryptocurrency.
Cosmos, unlike other cryptocurrencies, not only accepted support but also managed to trade at a strong, optimistic, and bullish level. Because such a level was not anticipated, we are currently seeing profit booking at higher levels. Current volumes have remained 4 to 10 times higher than usual.
The difference between the moving averages and the current traded value is too large to make a significant investment. As a result, traders should be cautious about their investment position based on our ATOM price prediction. The RSI is currently trading in the 60-75 range, indicating some profit booking but concurrent buying. In terms of support, $28 appears to be a reasonable level that can be retested if this profit taking continues for an extended period of time.
The one-day price analysis is actively reflected on hourly patterns as well. Cosmos is forming a flat bottom pattern, which will be followed by strong support just 15% below. This price movement, ideally, provides a perfect platform for some consolidation, while the breakout towards higher or lower levels will be swift and rapid. On hourly charts, the MACD is on the verge of indicating a bullish crossover, as is the rising RSI. These could be interpreted as a foreshadowing of the rally’s continuation.