Cosmos is a project that addresses some of the most difficult problems in the blockchain industry. By offering a connected blockchain ecosystem, Cosmos aims to offer an antidote for “slow, costly, non-scalable and polluting proof-of-work protocol such as Bitcoin. While the asset price has dropped by about 5%, its volume has been lower by more than 30%. Recent changes made by Crypto research firm Delphi Digital to shift its research and development focus to the Cosmos ecosystem, Sept. 8, saw it gain approximately 24%.
ATOM traded at $13.39.
Cosmos (ATOM) Chart
ATOM experienced a sharp decline and closed in red for 11 consecutive weeks, from 4th April 2022 through 13th June 2022. The asset experienced a ‘Morning Star (Bullish Reversal Pattern at the Bottom of $5.55) and began moving upwards in an “Ascending channel” pattern. Atom broke above the channel to reach the high of $17.19. However, the bulls failed to push prices above $17.25 resistance and are now witnessing profit booking. The asset is supported at $13.35 (20 Week Moving Average), but it must close above $17.25 to continue its rally.
Support 2Support 1AssetResistance 1Resistance 210.4513.35ATOM17.2520.5
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, correctness, completeness, reliability, or fairness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading & Investments in Cryptos viz. Bitcoin, Bitcoin Cash and Ethereum. These are highly speculative investments and can be subject to market risk. Author’s analysis is intended to be used as information only and not as investment advice.
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