The Cosmos coin price risen in the past four straight days. This has seen the ATOM price rise by more than 47% from its lowest level last week. That has brought its total market valuation to more than $2.3 billion, making it the 40th biggest cryptocurrency in the world. It is sandwiched between Tezos and Iota.
The background. Cosmos is a large blockchain network that was started in 2018. The blockchain enables developers to build and connect applications using the Inter-Blockchain Communication (IBC) protocol. To date, there are more than 248 apps in the ecosystem that have more than $64 billion in assets.
Some of the most popular apps in the network are Anatha, Anoma, and Affondra, among others. The overall goal of Cosmos is to create an overall Internet of Blockchains.
Like all cryptocurrencies, the Cosmos price jumped sharply early this year as demand for the coin rose. This pushed it to an all-time high of $32.40. However, in the past few months, the price has crashed as investors take profit and as the overall volume declines. Also, investors have been worried about the overall regulations and crackdown by the Chinese government. So, what next for the ATOM price?
The four-hour chart shows that the ATOM price has been in an overall bullish trend recently. The coin has also formed a descending channel that is shown in blue. It is now approaching the upper side of this channel. Further, it has moved above the 25-day and 50-day exponential moving averages (EMA).
Therefore, the Cosmos coin price will likely keep rising as bulls target the upper side of this descending channel. A complete breakout will be confirmed when the price manages to move above the upper side of this channel. Still, we can’t rule out a situation where the price resumes the downward trend as bears retest the lower side of the channel.