- Network activity dropped as daily active addresses declined.
- The token’s weekly chart was red, but a few market indicators were bullish.
Cosmos [ATOM] has not been performing in the best interest of investors for quite some time as price charts have been red. Apart from the price, the use of the blockchain has also dropped in the past month.
Read Cosmos’ [ATOM] Price prediction 2023-24
However, LunarCrush’s data revealed quite a few bullish factors that made Cosmos the coin of the day on August 7. Are there possibilities that LunarCrush’s findings will be reflected on the ATOM map in the coming days?
The Cosmos’ network activity is declining
Artemis’ facts revealed that the use of the blockchain was declining. ATOM‘s daily active addresses have fallen sharply in recent weeks. Not only that, but the daily transactions of the blockchain also decreased, suggesting less use of the blockchain.
The network value also registered a decrease. This was evidenced by the TVL, which fell after peaking in May 2023.
Source: Artemis
While network stats declined, ATOM’s social performance remained high. Cosmos Daily recently posted its weekly report, highlighting various social metrics. According to the tweet, Cosmos’ social engagement increased by 199%.
Social signal of a week of @Cosmos ⚛️
Most Influential Projects 🔥 @mars_protocol@Levana_protocol@StargazeZone@Neutron_org@Shade_Protocol
Most engagement projects 🔥@EvmosOrg@AssetMantle@upticknft@ScrubMoneyDeFi@Picasso_Network#IBCGang #Cosmonauts@LunarCrush pic.twitter.com/HFJOaTEniz
— Cosmos Daily ⚛️ (@CosmosATOMDaily) August 7, 2023
Bullish sentiment around the token skyrocketed by more than 80%. Santiment’s chart indicated that social volume remained high while weighted sentiment improved, which looked bullish for the blockchain.
Source: Sentiment
Should investors expect a Cosmos bull run?
As social statistics boomed, investor expectations of ATOM must have increased as well. Fortunately, the latest data from LunarCrush gave hope for a price hike.
According to the tweet, a combination of Cosmos’ Galaxy Score and Alt Rank, ATOM was the coin of the day on August 7. But things had yet to reflect on the map.
With leading combined LunarCrush Galaxy Score™ and AltRank™, Cosmos is Coin of the Day!
Galaxy Score™ 43/100
AltRank™ 564/4,481
Price $8.49 -0.096%View real time $atom @cosmos metric op https://t.co/W1Y5y1YjZD. pic.twitter.com/tvD83NKIAc
— LunarCrush (@LunarCrush) August 6, 2023
From CoinMarketCap, ATOM was down more than 2.5% in the past seven days. At the time of writing, ATOM was trading at $8.56 with a market cap of over $2.9 billion. A look at the daily chart also pointed to some bullish indicators.
For example, the Relative Strength Index (RSI) gained upward momentum and moved towards neutral. Cosmos’ Chaikin Money Flow (CMF) also followed a similar upward trend, indicating an increase in price.
Realistic or not, here it is ATOM’s market cap in BTC conditions
Nothing can be said with absolute certainty, however, as the Exponential Moving Average (EMA) ribbon remained in the bears’ favor.
Source: TradingView
In addition, investors in the derivatives market also bought ATOM at the current price. This was evident from the green Binance funding rate. Moreover, his overt interest also went sideways. That’s why there were opportunities ATOM continuation of the current price development.
Source: Sentiment