Cosmos (ATOM) is a blockchain that uses the modular framework to develop dapps, which simplifies the process for developers. Interconnected blockchains can be created via the Cosmos platform, allowing the transfer of assets without the need of any third-party intermediaries. The current inflation rate of ATOM stands at 16.14%, with a current staking APR of 21.35%. This network of blockchains has enabled a value of $66 billion to be managed, with over 274 apps and services operating on the Cosmos blockchain. The most recent correlation between ATOM's price and the Bitcoin is quite positive, ranging from -0.56 to 0.72 in a short period of time. This appears to be due to the rising Bitcoin prices.

At the time of writing, ATOM has a market capitalization of over $3.4 billion and is the 21st-ranked cryptocurrency. The asset price volumes have seen a hike of 80% in the intraday session, suggesting an uptrend momentum. Looking at its weekly technical chart, ATOM appears to be ready for a surge. The bullish engulfing candles appearing on its daily chart also reinforces this fact, with the asset trading at around $12.18, gaining over 7% in the same session.

The Relative Strength Index (RSI) of ATOM is also close to the overbought zone of 70, and is showing a strong positive slope. This, too, suggests an upward trend in asset prices. The 100-Day Moving Average (DMA) saw a slow but progress crossover resulting in the asset’s current price of slightly more than $12. Furthermore, it is believed that the ATOM price could see a jump and move above $25, considering the strong correlation of ATOM with Bitcoin. The ideal support and resistance levels for ATOM stand at $11, and $15 respectively.



Other News from Today