The Cosmos price prediction is hanging by a thread as the price is battling with key support. The $6.90-$7.0 has acted as a pivot on several occasions and became very critical once again. At the time of writing, Cosmos ATOM price is trading at $7.20 after getting a small bounce during Thursday’s trading session. If this bounce gets some volume support then the price is likely to retest $8.5 once again.
Most altcoins showed negative price action on Thursday as Bitcoin price broke below $20,000 once again. After hitting the $18,700 level, Bitcoin price is currently trading at $19,164. Consequently, most cryptocurrencies are retesting their support and awaiting the next Bitcoin move.
Despite being equipped with cutting-edge tech and a growing ecosystem, the Cosmos price prediction of most analysts is still bearish. ATOM crypto has a current market cap of just above $2 billion. This is much less than the market cap of other notable L1s like Solana, Binance Smart Chain and Cardano.
Many investors also associate the ATOM’s underperformance in last year’s bull run with its ‘not that great’ tokenomics. According to official Cosmos ATOM news, the top hackathon of the platform known as HackATOM will be held in July 2022. This would be an in-person event that would take place in Seoul, South Korea.
Technical analysis of Cosmos crypto chart indicates a decreasing investor interest since the start of the year. The coin has failed to make a higher high since its rejection from the $33 level in April 2022. In the same month, ATOM price also broke its uptrend that started in June 2021. This triggered a massive sell-off without any significant relief rally.
Any bullish Cosmos price prediction is unlikely to be met as long as the Bitcoin price stays in a downtrend. As soon as the BTC price gains some stability, altcoins can go on a relief rally. However, if Bitcoin dips to fresh lows, things might get really ugly for altcoins like ATOM.
This post was last modified on Jul 01, 2022, 08:14 BST 08:14