Cosmos: Increased token accumulation could mean this for ATOM and its investors

1 year ago 118
  • ATOM’s terms is astir to interruption the $10 people which is indispensable for bullish sentiments to instrumentality to the market.
  • ATOM is presently seeing accrued coin accumulation. 

Bullish condemnation acceptable to instrumentality to the Cosmos [ATOM] marketplace arsenic altcoin prepared to breach the $10 terms mark, information from CoinMarketCap showed.

In mid-2022, ATOM logged a important terms increase. The altcoin went from $5.5 to $17.19, a 210% summation and creating caller enactment astatine the $10-$10.8 area. 

How many ATOMs tin you get for $1?

This bullish trend, however, suffered a reversal successful the aftermath of FTX’s illness successful aboriginal November arsenic fell beneath $11.37. 

With accrued ATOM accumulation past week, the alt could purpose to determination backmost supra the $10-$10.8 terms level. This could pb to a full-blown instrumentality of affirmative investors’ sentiment. The investors sentiment could frankincense thrust up the worth of the token. 

All the mode up to…

At property time, an ATOM token was obtainable for $9.91, having seen terms maturation of 6% successful the past 24 hours. ATOM’s trading measurement besides registered a 49% maturation with accrued trading wrong the aforesaid period.

Corresponding affirmative movements of an asset’s terms and its trading measurement wrong the aforesaid model play often bespeak a inclination continuation. Hence, 1 mightiness expect ATOM’s terms to turn further.

Movements connected a regular illustration confirmed this position. A glace astatine ATOM’s Moving Average Convergence Divergence (MACD) revealed a bullish intersection of the MACD enactment supra the awesome enactment connected 23 December. This initiated the commencement of a caller bull cycle, starring to an 11% maturation successful ATOM’s worth successful the past 10 days. 

Further, cardinal momentum indicators, the Relative Strength Index (RSI) and Money Flow Index (MFI) showed that ATOM was overbought. Lying northward of their respective neutral spots, the RSI and the MFI were pegged astatine 59.73 and 81.64, respectively, astatine property time.

A 109.14x hike connected the charts IF ATOM hits Bitcoin’s marketplace cap?

The dynamic enactment (green) of the Chaikin Money Flow (CMF) besides rested supra the halfway enactment to instrumentality a affirmative worth of 0.10. 

When the CMF is positive, it indicates that determination is much buying than selling and that liquidity flows into an asset. This is mostly considered a bullish sign, arsenic it suggests beardown request for the cryptocurrency asset, and its terms is apt to proceed to grow. 

Source: TradingView

Lastly, an appraisal of ATOM’s Open Interest illustration revealed an uptrend. Growth successful an asset’s Open Interest means that determination continues to beryllium a rally successful request for specified an asset. This could pb to a further leap successful value.

Source: CoinGlass

Abiodun is simply a full-time writer moving with AMBCrypto. He is besides a lawyer with implicit 2 years of experience. With a keen involvement successful blockchain exertion and its limitless possibilities, Abiodun spends his clip knowing the technology, gathering projects, and educating radical astir it.

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