Here is why Cosmos (ATOM) Price is rallying
The Cosmos native crypto (ATOM) has surged by more than 17% in the last 24 hours; a time when all the major cryptocurrencies like Ethereum and Bitcoin have nosedived although they are now turning green as they try to correct.
Cosmos is currently at $36.08 with a trading volume of $3.9 billion and is up. If it continues with the current bullish trend, it might set a new all-time high within the first quarter of 2022.
What is Cosmos (ATOM)?
Cosmos is simply a project that solves the problems facing the blockchain industry to make blockchain technology less difficult and complex for decentralized apps developers.
ATOM is the native token of the Cosmos blockchain network.
Why the ATOM price is rallying
The current ATOM rally is highly attributed to the recent announcement by the market cap on Twitter saying that it will share IBC integrated tokens on the Cosmos network. Currently, Terra has already dominated this market with 49.6%.
Market Cap Share of IBC Integrated Tokens on Cosmos Network
?? Terra has currently dominated this market with 49.6%$LUNA $ATOM $CRO $OSMO $ROSE $RUNE $SCRT$JUNO $KAVA $AKASH $IRIS $COMDEX pic.twitter.com/Fo4qKEtwh8
— Terra Daily ?? (@TerraLUNADaily) January 25, 2022
ATOM is expected to shoot to the moon after the Terra market domination. However, when ATOM hit an all-time of $44.8 on 20th September, it started a phase that ended at $20.18 in December and since then it has continued to rise.
With the failed January 7 and 17 breakout attempts, the bulls started an inverted head and shoulder breakout on January 1st and the altcoin hit a five-week high of 79.61% ROI from its 29th December low.
The bears maintained their 43.6% Fibonacci support as the bulls continued to defend the 23.6% support level which they later lost by 38.2% in the recent sell-off, during the sell-off ATOM lost 35.6% of its worth, although they recaptured 38.2% from the growing selling effect.
There was a bearish bias after RSI formed the downward channel due to the resistance near the midline which led the MACD’s histogram to discover a closing equilibrium that favored the sellers.
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