The Cosmos price is scorching hot today as demand for the coin rises. The ATOM price jumped to the highest level since May even as other cryptocurrencies paused. Its price is about 142% above the lowest level in July this year. It has a market capitalization of more than $4.34 billion and is the 32nd biggest coin in the world.
Cosmos rallies
Cosmos is a blockchain project that was built to address some of the challenges facing the cryptocurrency industry. Among these challenges are scalability and increasing the speed of throughput. The network is made up of independent blockchains that are known as zones.
These zones are powered by Tendermint BZT, which ensures high performance. The first of these zones is known as the Cosmos Hub, which is a proof-of-stake multi-asset proof-of-stake cryptocurrency that gives it power to upgrade.
The Cosmos price has bounced back recently because of the rising demand for the coin. Indeed, a closer look at popular financial social media platforms like StockTwits shows that it is trending. This is a sign that it is having its FOMO moment.
At the same time, it has rallied after the developers integrated the DeFi oracle band protocol into the system. It also saw its first DeFi launch with the Gravity DEX platform. So, what next for the ATOM price?
Cosmos price prediction
Is ATOM a good investment? Using technical analysis, we can decipher the chart pattern to predict how the Cosmos price will move in the near term.
Now, turning to the daily chart, we see that the Cosmos price has staged a strong recovery in the past few days. This rally happened after the coin found a strong support at $8.90 level. It struggled to move below the support several times in the past three months.
The Cosmos price has managed to move above the 25-day and 50-day weighted moving averages. Also, it has risen above the resistance at $14.75, which was the neckline of the double-bottom pattern.
Therefore, the ATOM price will likely maintain the bullish trend as bulls target the all-time high of $32. Still, I can’t rule out a break and retest situation where the coin retests the support at $14.75 and then resumes the bullish trend.
