- Bullish sentiment around ATOM has increased significantly over the past 24 hours.
- After a comfortable rally, some market indicators turned bearish on ATOM.
While most cryptos started their bull rallies in mid-October, Cosmos [ATOM] was too late to join the party. The price of the token started to rise on October 29, and soon after, the price of ATOM rose by double digits. Although the price action was postponed, Cosmos’ network activity has been growing for quite a few weeks now.
Read Cosmos Hub [ATOM] Price prediction 2023-24
Cosmos surprises investors
After a while of waiting, ATOM finally started its bull rally as the price rose by more than 10% in the past few days. In fact, according to CoinMarketCapThe price of ATOM has risen by more than 9% in the past 24 hours.
At the time of writing, it was trading at $7.93 with a market cap of over $2.9 billion. Cosmos’ 24-hour trading volume also increased by 189%, acting as the basis for the price uptrend.
LunarCrush data showed that investors had a lot of confidence in ATOM. This was evident from the fact that there was bullish sentiment over the past 24 hours ATOM increased.
The Altrank also improved significantly, which is generally seen as a bullish signal, indicating a further increase in its value.
Source: LunarCrush
A look at ATOM’s daily chart provided further insight into the token’s bull rally. ATOM’s Relative Strength Index (RSI) and Money Flow Index (MFI) have both risen in recent days. The same remained true for the Chaikin Money Flow (CMF), which was a positive signal.
However, the scenario changed when Cosmos’ RSI and MFI reached the overbought territory. The CMF also recorded a slight decline. On top of that, ATOMThe company’s price reached the upper limit of the Bollinger Bands, which may cause a trend reversal in the coming days.
Source: TradingView
A closer look at the ATOM ecosystem
Like the indicators, some metrics also looked bearish. For example, ATOM’s Binance Funding Rate recently turned red.
This meant that derivatives buyers were reluctant to purchase the token at a higher price. However, one-day price volatility spiked significantly. Another positive signal was the high development activity of Cosmos.
Source: Santiment
Realistic or not, here it is ATOM’s market cap in BTC conditions
It was interesting to note that while it took some time for the price to rise, the blockchain’s network activity accelerated for several weeks.
According to Artemis’ facts, Cosmos’ daily active addresses and daily transactions have increased over the past month, indicating increased usage and adoption. Apart from this, ATOMThe device’s performance in the DeFi space has also been commendable as its TVL rose significantly in the recent past.
Source: Artemis