Cosmos surges nearly 10% in 24 hours – Will the momentum last?

• Bullish sentiment round ATOM has elevated considerably over the past 24 hours. 
• After a snug rally, a number of of the market indicators turned bearish on ATOM.

Whereas most cryptos initiated their bull rallies in mid-October, Cosmos [ATOM] was late to hitch the get together. The token’s value began gaining upward momentum on 29 October and shortly after ATOM’s value went up in double digits. Although its value motion was delayed, Cosmos’ community exercise has been rising for fairly a number of weeks now.

Cosmos is stunning traders

After a wait, ATOM lastly started its bull rally as its value was up by greater than 10% over the past couple of days. In reality, in response to CoinMarketCap, ATOM’s value surged by over 9% in simply the final 24 hours.

On the time of writing, it was buying and selling at $7.93 with a market capitalization of over $2.9 billion.  Cosmos’ 24-hour buying and selling quantity additionally spiked by 189%, appearing as a basis for the value uptrend.

LunarCrush’s information revealed that traders had been extremely assured in ATOM. This was evident from the truth that within the final 24 hours, bullish sentiment round ATOM elevated.

Its Altrank additionally improved significantly, which is mostly perceived as a bullish sign, suggesting an extra hike in its worth.

A have a look at ATOM’s every day chart gave extra perception into the token’s bull rally. ATOM’s Relative Energy Index (RSI) and Cash Circulate Index (MFI) each went up over the previous couple of days. The identical remained true with its Chaikin Cash Circulate (CMF), which was a optimistic sign.

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Nonetheless, the state of affairs was altering as Cosmos’ RSI and MFI entered the overbought zone. Its CMF additionally registered a slight downtick. On prime of that, ATOM’s value touched the higher restrict of the Bollinger Bands, which may trigger a development reversal within the days to comply with. 

A more in-depth have a look at ATOM’s ecosystem

Like the symptoms, a number of of the metrics additionally appeared bearish. As an illustration, ATOM’s Binance Funding Price just lately turned pink.

This meant the derivatives consumers had been reluctant to buy the token at the next value. Nonetheless, its 1-day Worth Volatility spiked considerably. One other optimistic sign was Cosmos’ excessive Growth Exercise.

It was attention-grabbing to notice that whereas its value took a while to maneuver up, the blockchain’s community exercise gained momentum for fairly a number of weeks.

As per Artemis’ information, Cosmos’ every day lively addresses and every day transactions elevated over the previous month, suggesting elevated utilization and adoption. Other than this, ATOM’s efficiency within the DeFi house was additionally commendable, as its TVL surged considerably within the current previous.