Cosmos: Increased token accumulation could mean this for ATOM and its investors

• ATOM’s value is about to interrupt the $10 mark which is critical for bullish sentiments to return to the market.
• ATOM is presently seeing elevated coin accumulation. 

Bullish conviction set to return to the Cosmos [ATOM] market as altcoin ready to breach the $10 value mark, information from CoinMarketCap confirmed.

In mid-2022, ATOM logged a big value improve. The altcoin went from $5.5 to $17.19, a 210% improve and creating new help on the $10-$10.8 space. 

What number of ATOMs are you able to get for $1?

This bullish pattern, nevertheless, suffered a reversal within the wake of FTX’s collapse in early November as fell under $11.37. 

With elevated ATOM accumulation final week, the alt may intention to maneuver again above the $10-$10.8 value degree. This might result in a full-blown return of optimistic buyers’ sentiment. The buyers sentiment may thus drive up the worth of the token. 

All the best way as much as…

At press time, an ATOM token was obtainable for $9.91, having seen value development of 6% within the final 24 hours. ATOM’s buying and selling quantity additionally registered a 49% development with elevated buying and selling throughout the identical interval.

Corresponding optimistic actions of an asset’s value and its buying and selling quantity throughout the identical window interval typically point out a pattern continuation. Therefore, one may count on ATOM’s value to develop additional.

Actions on a each day chart confirmed this place. A glace at ATOM’s Shifting Common Convergence Divergence (MACD) revealed a bullish intersection of the MACD line above the sign line on 23 December. This initiated the graduation of a brand new bull cycle, resulting in an 11% development in ATOM’s worth within the final ten days. 

Additional, key momentum indicators, the Relative Energy Index (RSI) and Cash Movement Index (MFI) confirmed that ATOM was overbought. Mendacity northward of their respective impartial spots, the RSI and the MFI had been pegged at 59.73 and 81.64, respectively, at press time.

A 109.14x hike on the charts IF ATOM hits Bitcoin’s market cap?

The dynamic line (inexperienced) of the Chaikin Cash Movement (CMF) additionally rested above the middle line to return a optimistic worth of 0.10. 

When the CMF is optimistic, it signifies that there’s extra shopping for than promoting and that liquidity flows into an asset. That is usually thought of a bullish signal, because it suggests sturdy demand for the cryptocurrency asset, and its value is more likely to proceed to develop. 

Supply: TradingView

Lastly, an evaluation of ATOM’s Open Curiosity chart revealed an uptrend. Progress in an asset’s Open Curiosity signifies that there continues to be a rally in demand for such an asset. This might result in an extra leap in worth.

Supply: CoinGlass