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Explore ATOM price prediction as Cosmos flashes death cross in latest price action – unpack what this could mean for ATOM price and the Cosmos market downtick in this deep dive analysis.
There is a looming crossover of the 20-day moving average beneath the 200-day MA, identified as a “Death Cross” in Cosmos (ATOM). Let’s talk about what this could mean and our Cosmos Atom price prediction.
Dubbed the “the internet of blockchains” Cosmos was an early Ethereum killer, but is down a heavy -11.77% over the last week.
Cosmos is a proof-of-stake smart contract blockchain that aims to connect all the different cryptocurrencies, including Ethereum, Polkadot, and Avalanche.
Here’s why this death cross should worry you as a Cosmos investor.
At this point of the cycle exactly 4 years ago, $ATOM was a $2 per unit token. pic.twitter.com/6BqZOD646S
— Wickex (@Wickex2) April 29, 2024
Buy The Dip? Why the Potential For Cosmos is Huge
Cosmos was created to “absorb” a large chunk of cryptocurrencies into its network. Ostensibly, this means other projects like Ethereum, Cardano, Polkadot and Bitcoin could use its currency ATOM to connect to other projects.
Cosmos’s goal is to transform the current blockchain ecosystem from a loose environment of disconnected and separate platforms into a highly scalable network that the Cosmos team calls “Blockchain 3.0.”
Cosmos began with much hype; Vitalik Buterin, the founder of Ethereum, even commended them in a blog post.
In 2022, IBC adoption will really excel thanks to Cosmos’ powerful tech stack and developer-friendly blockchain frameworks…
We’ll also see the completed work of various different teams using IBC to bridge Cosmos to their ecosystems. In 2022, that means secure connections to Bitcoin, Celo, Polkadot, Kusama, Harmony, Hyperledger Besu, Hyperledger Fabric, and even more.
Vitalik Buterin admitted that Cosmos is one of his favorite blockchains besides Ethereum.
ATOM Price Prediction: Downward Spiral From Here?
Cosmos is falling the hardest with Bitcoin down -7.55% over the last week due to a shockwave of geopolitical tensions (who remembers #WW3?) and the post-halving BTC sell-off (that we warned you about!).
Cosmos has tested and bounced off a support level around $7.75, which might be considered a strong support level. But if it breaks below this it could lead to further declines.
(ATOMUSDT)
The RSI is also noteworthy at 36, which is in solid oversold territory. This suggests that Cosmos may be undervalued and that a bear reversal could occur.
The Bottom Line: Cosmos Atom Price Prediction
As for a Cosmos Atom Price Prediction, it’ll have to stay above $7.75 to avoid a spiral.
While some argue there will be other smart contract platforms besides Ethereum – there won’t be many.
This will be a solid testing ground to see what Cosmos and its community are made of.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
