The Cosmos price is down by a percentage point in today’s trading session. The drop comes after four days of a strong and aggressive push to the upside, which saw it going up by 30 per cent.
The recent Cosmos price surge has come amidst a decline in the cryptocurrency industry that has seen cryptocurrencies such as Bitcoin drop by 8 per cent in the past 7 days. The crypto has also continued to overperform the markets, despite there being no significant news that is directly linked with the crypto.
Part of the reason we have seen the Cosmos project continue to surge in the markets is due to it gaining traction with the users. The result has been a spike in its trading volume, which normally sees prices being pushed upwards.
For instance, in the past 24 hours, despite dropping in the markets, the Cosmos trading volume is up by 53 per cent, bringing its total to $769 million. Such a high trading volume and a surge within 24 hours is enough to push cryptocurrencies soaring, and that is what has been happening with Cosmos.
Cosmos Price Prediction
Despite today’s drop, the Cosmos price prediction trend is still looking aggressively bullish. Looking at the chart below, the crypto broke the $12.33 resistance level during yesterday’s session, which saw it complete a four-day streak of bullish moves which resulted in 30 per cent price gains.
Therefore, I expect the prices to resume the bullish trend in the coming trading sessions. There is a high likelihood we might see Cosmos trading above the $15 price level in the next few trading sessions. The current bullish trend, based on the price action of the past few weeks, is also likely to push the Cosmos price to trade above the $20 price level in the next few weeks for people looking for very long-term positions.
However, should the price fall below the $10 psychological level, my bullish analysis will be invalidated. It will also mean prices will continue to struggle and possibly trade sideways.