The Cosmos price relentless rally continued as interest in Decentralized Finance (DeFi) continued. The ATOM token is trading at $35.90, which is a few points above the key resistance at $32.30. This means that the token has rallied by more than 357% above the lowest level in July. It has a total market capitalization of more than $7.98 billion and is the 25th biggest crypto platform in the world.
DeFi growth continues
ATOM is the native token for the Cosmos ecosystem. This ecosystem is made up of more than 250 apps with more than $150 billion of assets. Some of the best-known apps in Cosmos’ ecosystem are Multiverse, Crypto.com, Qredo, and LightStreams.
The Cosmos price is rising because of the performance of DeFi platforms. In the past few months, the total value locked in the DeFi ecosystem has jumped to more than $177 billion, according to data by DeFi Llama.
There are many DeFi platforms in the Cosmos Hub that have done relatively well. For example, the Gravity DEX is one of the biggest players in the hub. The others are Osmosis, Sifchain, and Coinswap, which have seen their total value locked jump.
Cosmos price prediction
The daily chart shows that the Cosmos price has been in a strong bullish trend in the past few weeks. The price moved above the key resistance at $32.30. This was the previous all-time high and the upper part of the cup and handle pattern.
It has also moved above the 25-day and 50-day moving averages while the MACD indicator has moved above the neutral level. Therefore, at this point, the coin will likely continue rising as bulls target the key resistance level at $40. This view will be invalidated if it drops below $25.