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Cosmos Touches Highest Point Since May As ATOM Expands 25%

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Cosmos (ATOM) has managed to soar by 25% which is considered its highest point since the coin traded at around $15.70 on May 8.

  • ATOM’s trading volume spikes by 89% in past 24 hours
  • Cosmos’ NFT volume surged to $778,000 as seen on September 7
  • Cosmos 2.0 triggers 40% price pump for ATOM

Even though the recent figures are far from ATOM’s ATH seen at $44.45, the latest developments seem to have revived investor trust and confidence.

ATOM’s trading volume has also increased by 89% in the past 24 hours. However, ATOM’s dilemma is how to rally by taking the lead from the crypto king, Bitcoin (BTC).

Based on ATOM’s on-chain metrics, it seems that there is no disparity between the negative and positive sentiments.

It shows a balance with only a little difference spotted at 0.188, with the positive sentiment being 9.531. The negative sentiment remains at 9.413. NFT volume for Cosmos has spiked to $778,000 as observed on September 7.  

5 Unique Wallet Addresses Buy ATOM NFTs

The unique wallet addresses that purchased ATOM NFTs increased to five. On the other hand, both these metrics decreased while ATOM was in its glory in price hikes. More so, total NFT volume has nosedived to roughly $223,000 a few days ago, and at that time, the unique wallet addresses were limited to two.

Judging by the four-hour chart of ATOM/USDT, the coin may hover in the green lane for the short term. This assumption was validated by ATOM’s 20 EMA going over the 50 EMA.  

In the long term, the 200 EMA has shown that ATOM could retrace and register new lows in the coming months as it sits far from the short-term indicators. Further, ATOM investors and holders need to carefully watch out for any changes in volatility.

ATOM’s Bollinger Bands revealed that the token’s price increase has been precipitated by an uptick in volatility. With that in mind, it would be wise for investors to anticipate a downturn and play their cards right.

Cosmos 2.0 Rolls Out September 28

Cosmos’ development activity has also spiked after the blockchain company has announced plans of blockchain update.

Cosmos 2.0 is looming and as such, this has pumped up ATOM’s price by 40%. Frens Validator team, a passionate and supportive community of ATOM revealed the unfolding of important Cosmos developments in 2022.

Frens Validator team has posted an announcement via Twitter regarding the Cosmos 2.0 design which will soon be rolled out on September 28 in Medellin, Colombia.

The Cosmoverse 2022 is dubbed to be the biggest Cosmos event for Web3 developers, contributors, entrepreneurs, investors, and DApps owners.

The Cosmos 2.0 is designed to enhance the overall architecture and functionality of Cosmos (ATOM). These developments have triggered the surge of ATOM price from September 7 to 8, shooting from $12.3 to $17.5 in less than two days.

ATOM total market cap at $4.5 billion on the daily chart | Source: TradingView.com

Featured image from UseTheBitcoin, chart from TradingView.com

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Uniswap Could Slide Below Support Zone

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On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com

Featured image from Brightnode, Chart: TradingView.com

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Binance Registers as Financial Service Provider in New Zealand

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Binance Registers As Financial Service Provider In New Zealand
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