Cosmos surges nearly 10% in 24 hours – Will the momentum last?

• Bullish sentiment round ATOM has elevated considerably during the last 24 hours. 
• After a snug rally, a number of of the market indicators turned bearish on ATOM.

Whereas most cryptos initiated their bull rallies in mid-October, Cosmos [ATOM] was late to affix the celebration. The token’s worth began gaining upward momentum on 29 October and shortly after ATOM’s worth went up in double digits. Although its worth motion was delayed, Cosmos’ community exercise has been rising for fairly a number of weeks now.

Learn Cosmos Hub’s [ATOM] Value Prediction 2023-24

Cosmos is stunning buyers

After a wait, ATOM lastly started its bull rally as its worth was up by greater than 10% during the last couple of days. In reality, in response to CoinMarketCap, ATOM’s worth surged by over 9% in simply the final 24 hours.

On the time of writing, it was buying and selling at $7.93 with a market capitalization of over $2.9 billion.  Cosmos’ 24-hour buying and selling quantity additionally spiked by 189%, performing as a basis for the worth uptrend.

LunarCrush’s knowledge revealed that buyers had been extremely assured in ATOM. This was evident from the truth that within the final 24 hours, bullish sentiment round ATOM elevated.

Its Altrank additionally improved significantly, which is mostly perceived as a bullish sign, suggesting an additional hike in its worth.

Supply: LunarCrush

A have a look at ATOM’s every day chart gave extra perception into the token’s bull rally. ATOM’s Relative Energy Index (RSI) and Cash Movement Index (MFI) each went up over the previous couple of days. The identical remained true with its Chaikin Cash Movement (CMF), which was a optimistic sign.

Nevertheless, the state of affairs was altering as Cosmos’ RSI and MFI entered the overbought zone. Its CMF additionally registered a slight downtick. On prime of that, ATOM’s worth touched the higher restrict of the Bollinger Bands, which might trigger a pattern reversal within the days to observe. 

Supply: TradingView

A more in-depth have a look at ATOM’s ecosystem

Like the symptoms, a number of of the metrics additionally seemed bearish. For example, ATOM’s Binance Funding Price lately turned crimson.

This meant the derivatives consumers had been reluctant to buy the token at a better worth. Nevertheless, its 1-day Value Volatility spiked considerably. One other optimistic sign was Cosmos’ excessive Improvement Exercise.

Supply: Santiment

Sensible or not, right here’s ATOM’s market cap in BTC phrases  

It was attention-grabbing to notice that whereas its worth took a while to maneuver up, the blockchain’s community exercise gained momentum for fairly a number of weeks.

As per Artemis’ data, Cosmos’ every day lively addresses and every day transactions elevated over the previous month, suggesting elevated utilization and adoption. Aside from this, ATOM’s efficiency within the DeFi area was additionally commendable, as its TVL surged considerably within the current previous.

Supply: Artemis