Altcoins

Why ATOM might fail to form stronger bonds despite favorable conditions 

2022-10-12
0 1 2 minutes read

Cosmos’ [ATOM] recognition witnessed a surge very not too long ago. Based on the crypto analytics platform, CoinGecko, it was among the many high cryptocurrencies when it comes to trending searches. 

Not solely this, however a number of optimistic developments occurred within the Cosom ecosystem that painted a shiny image for ATOM. 

Based on the information analytics platform, Messari’s newest tweet, ATOM 2.0 and the addition of liquid staking will permit ATOM stakers to each improve safety for the Hub and enhance liquidity throughout the ecosystem.

This growth appeared promising because it added vital worth to the community. Apparently, regardless of paying increased charges to protocols, ATOM’s income remained stagnant.

ATOM’s value additionally didn’t correspond to the positives because it registered unfavourable 7% progress within the final week. At press time, ATOM was buying and selling at $12.06.

Nevertheless, a take a look at ATOM’s on-chain metrics informed a unique story. Although ATOM was struggling to climb the ladder, many of the metrics have been in ATOM’s favor. 

Right here’s AMBCrypto’s Worth Prediction of Cosmos (ATOM) for 2023-24

Look each methods

Aside from the aforementioned developments, ATOM additionally topped the listing of IBC (Inter Blockchain Communication) initiatives when it comes to weekly lively customers. This episode proved the elevated recognition of ATOM within the crypto neighborhood. 

By the way, regardless of the current value drop, ATOM’s quantity took the alternative route and elevated during the last week, which was a plus level for the blockchain.

Although ATOM’s growth exercise dropped barely on 12 October, it was significantly up when in comparison with the earlier week. As indicated by CoinGecko, ATOM’s recognition was but once more confirmed after its social quantity spiked within the final week.

Supply: Santiment

Accident-prone ATOM?  

Surprisingly, whereas ATOM’s on-chain metrics have been fairly optimistic, its day by day chart painted a bearish image as many of the market indicators urged a value plummet within the days to come back.

For example, ATOM’s Relative Power Index (RSI) and Chaikin Cash Circulation (CMF) each stayed fairly under the impartial line, a transparent bearish indicator. 

Moreover, the Transferring Common Convergence Divergence (MACD) additionally painted the same image. The MACD favored the sellers.

The Exponential Transferring Common (EMA) Ribbon displayed a tussle between the bulls and the bears. Nevertheless, when placing collectively all the symptoms, the opportunity of the bears turning out to be victorious appeared extra probably. 

Supply: TradingView

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2022-10-12
0 1 2 minutes read

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