2022-1-17 15:13 |
The Cosmos (ATOM/USD) price is hovering near its all-time high as investors cheer the ongoing growth of the ecosystem. ATOM is trading at $41.45, which is a few points below the all-time high of about $44. Its total market capitalization is currently at $12.39 billion, making it the 16th biggest cryptocurrency in the world.
Cosmos climbs the crypto ladderCosmos is a leading blockchain project that helps to solve a key challenge in the cryptocurrency industry. It helps to solve the challenge of interoperability of blockchains.
In most cases, blockchain networks are usually siloed projects that operate independently. For example, Ethereum-built project always interacts with other Ethereum projects. Therefore, as the industry grows, there is the urgent need to ensure that multiple blockchains work with one another.
Cosmos uses a blockchain architecture known as Tendermint BFT. It is a network of many independent blockchains known as zones that provide a high-performance and consistent ecosystem. The first zone is known as Cosmos Hub and is a multi-asset proof-of-stake cryptocurrency with a simple governance mechanism that enables the network to adapt and upgrade.
In the Cosmos Hub, applications communicate with one another through the Interblockchain Communication (IBC) protocol.
Today, the network is used by over 250 applications. Some of the biggest ones that exist in the network are Binance Coin, Terra, TerraUSD, Crypto.com Coin, and the KuCoin Token among others,
The Cosmos price has done well recently as investors remain optimistic about the network. Also, it has risen because of the upcoming network upgrade that will make it more user-friendly. Some of the top events to see this year in the network are Liquid Staking and the growth of its DeFi ecosystem.
Cosmos price predictionThe daily chart shows that the ATOM price has been in a strong bullish trend lately. The coin has found a strong resistance at $44.5. It is currently slightly below that resistance. It has also moved slightly above the 25-day and 50-day exponential moving averages (EMA) while oscillators have been in a bullish trend.
Therefore, the path of the least resistance is upwards, with the next key resistance being at $50. For this to happen, bulls will need to push the coin above the resistance at $44. A move below $40 will invalidate the bullish view.
The post Cosmos price prediction: ATOM rally faces one major hurdle appeared first on Invezz.
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