Cosmos is a revolution in the blockchain industry that connects users and subsystems, allowing the exchange of data through the inter-blockchain protocol. It helps the user to shift from one blockchain to another ensuring the possibility of integrating different systems into one platform in the most appropriate manner.
It uses Proof-of-Stake consensus that contributes to the maximum flexibility and adjustability on this platform. It bridges the gap between blockchains and information exchange. ATOM is the native coin of this cryptocurrency that is used to cover transaction fees.
Analysts suggest this inter-blockchain solution will be in high demand in the future, and the price of Cosmos tokens will go up with the advancement of technology.
It raises the staking rates to control the stability of the ATOM price. Moreover, it also provides the stakeholders with the opportunity to vote for changes in internal policies and regulations. Should you invest in Cosmos (ATOM) for the long term? Click here to know more about the fundamentals and technicals before investing.
At the time of writing this post, ATOM / USD is trading around $ 7.5. We think $ 7.8 was a strong support level for this coin, but it has broken that level. It has been in a short-term downtrend, and it may consolidate at that level and turn bullish after a few months.
On the daily chart, RSI is around 40. MACD is bullish, and candle sticks are forming around the baseline of the Bollinger Bands. Overall, all these technical indicators suggest it consolidates in the short term.
The Cosmos crypto has been facing an outflow of money and a lack of demand in the market. On the weekly chart, it was in a bullish phase, but it broke the trend in April this year. This week the candlestick is green after 11 consecutive red candles, suggesting extreme bearishness in the market. RSI is in the oversold zone, and MACD is bearish. Moreover, Bollinger Band shows high volatility in the market, and candlesticks are forming in the lower half of the Bands.
We do not think it is the ideal time for investing in ATOM, and you have to wait for the right opportunity. We would not suggest treating Cosmos as an asset like Bitcoin or Ethereum, and you have to wait until the market stabilizes.
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