ATOM price diverged with other cryptocurrencies as demand for the coin rose. Cosmos rose to a high of $12.26, which was the highest point since August 13 of this year. This price is about 120% above the lowest level this year, giving it a market cap of more than $3.5 billion.
Cosmos is one of the fastest-growng blockchain networks in the world. It is a platform that enables developers to create applications to communicate with each other. It supports 262 cryptocurrencies valued at over $66 billion dollars like BNB, OKB, and CRO.
Cosmos has also been used to build some of the most popular platforms in the world. For example, its SDK was used to build Cronos, the blockchain project owned by Crypto.com. Cronos has continued gaining traction among developers, with some of the top projects being VVS Finance, Ferro, and Tectonic. Other notable projects in the Cosmos ecosystem are Osmosis and ThorChain.
These developers love the versatility of Cosmos. For example, it is a proof-of-stake platform that has a significantly lower carbon footprint. At the same time, it has fast transaction time of just 7 seconds while transaction fees are about $0.001.
The ATOM price is soaring as the network activity rebounds after it crashed hard during the Terra meltdown. This was a notable event since Terra was created using the platform’s network.
The four-hour chart shows that the ATOM price has been in a strong bullish trend in the past few weeks. Along the way, the coin has formed an ascending channel that is shown in green. The coin is at the middle level of this channel. It has also risen above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has pointed upwards.
Therefore, the Cosmos price will likely continue rising as bulls target the next key resistance level at $13. A drop below the support level at $11.70 will invalidate the bullish view.
This post was last modified on Aug 18, 2022, 08:15 BST 08:15