Coin cryptocurrency atom cosmos on the background of a stack of coins.
The Cosmos price has defied the trend. While virtually all cryptocurrencies have crashed, ATOM is hovering near its all-time high. It is trading at $41, which is a few points below the all-time high of $46. It has jumped by about 105% from the lowest level in December
Cosmos is a leading blockchain network whose native token is valued at more than $10 billion. The network simply allows cryptocurrencies built using different platforms like Ethereum and Binance Smart Chain to co-exist. Today, it is home to more than 200 apps that have a total value of more than $260 billion.
There are three main reasons why the Cosmos price is going against the grain. First, the ecosystem is expanding a rapid rate. Recently, it incorporated TerraUST, the stablecoin that was developed by Terra into its ecosystem. This is a notable thing since Terra has become a juggernaut in the industry.
Second, investors are waiting for the upcoming upgrade known as Theta that will take place on March 31st. The upgrade will lead to new NFT modules, interchain accounts, liquid staking,and interchain accounts. Finally, it is rising because Cosmos is nearing EVM compatibility. This means that Ethereum projects will be able to migrate to its network.
The daily chart shows that the ATOM price has been in a strong bullish trend in the past few weeks. The trend accelerated when it moved above the previous all-time high at $32.70. At the same time, it has moved above the 25-day and 50-day moving averages and is forming a cup and handle pattern.
Therefore, I suspect that the Cosmos price will keep rising as bulls target its all-time high at about $46. This view will be invalidated if the price moves below $32.
This post was last modified on %s = human-readable time difference 05:19