Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple.
Cosmos price has been on a relentless rally in the past few months. ATOM price has jumped by more than 25% in the past 24 hours, bringing its total market cap to more than $5.16 billion. It has surged by more than 68% in the past 7 days and by more than 2,000% from its lowest level in 2020.
The background: Cosmos is now the 17th largest cryptocurrency project in the world. The project’s goal is to ensure that multiple blockchains “talk” and interact with one another.
Through its network, developers can build blockchains and break these barriers by allowing them to communicate with one another. The network achieves this through tools like Tendermint, Cosmos SDK, and IBC. To a large extent, Cosmos is relatively similar to Chainlink, whose mission is the same.
The daily chart below shows that the Cosmos price has been in an uptrend in the past few months. And today, it reached an all-time high of $25.25. This price remains above the short, medium, and long-term moving averages. Similarly, the Relative Strength Index (RSI) and MACD have moved above the overbought levels.
Therefore, in my view, while the uptrend will likely continue, we cannot rule out a healthy correction in the near term. If this happens, the price could retest yesterday’s low of $14.70.
