Though cryptocurrency investors might concentrate on the top 10 tokens by market cap, drastic changes unfolding in somewhat smaller but significant projects are could impressive to ignore. Cosmos (ATOM), ranking 25th by market capitalization (during this publication), is among the small projects worth your consideration.
While writing this content, ATOM changed hands near $18.57, following a 5.57% increase within the previous day. Nevertheless, the alternative token stayed 14.63% down over the past seven days. For now, the alt appears on a recovery road.
Detailed ATOM Outlook
Though Cosmos volumes remained far lower from upticks registered even after January 2022 and December 2021 market plummets, ATOM has ensured uniform volumes since April 25. That is a lucrative development, signaling consistent trading activity.
Considering builder metrics shows Cosmos’ development activity maintained steady upticks. Though declined at this publication, the network is known for swift and extended recoveries. That means a health signal for those interested in long-term growth.
Lastly, it’s crucial to consider the weighted sentiment stat for the token. Mid-April witnessed investors cooling from euphoric surges as ATOM price declined. That had the weighted sentiment staying beneath zero. However, the sustained negativity might be what the token requires for safe rallies again.
Now, what could the future have for Cosmos? Though analysts cannot be 100% in the crypto space, TradingView’s RVI (Relative Volatility Index) specified that the indicator presented a value beneath 50 while pointing downward. That signals that future volatility might drive ATOM prices lower.
Furthermore, the Awesome Oscillator flashed red bars beneath the zero line. That indicated that ATOM was more into bearish momentum despite some green candlesticks.
Meanwhile, Cosmos shares a high correlation with Bitcoin. That means broad market sentiment is essential in ATOM’s upcoming sessions. For now, the crypto space tried to recover, but bears show resilience. While writing these lines, the global crypto market capitalization stood at $1.73 trillion, reflecting a 0.87% drop within the previous days.
Bitcoin remained well beneath the coveted $40,000 psychological area. The bellwether crypto changed hand at $38,351 at this publication, losing 0.43% over the past day. Such conditions might hinder ATOM’s smooth recoveries.
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