• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Cosmos (ATOM) Rallies 35% to Hit All-Time High; More Gains Ahead?

The 17th-largest cryptocurrency by market capitalization surged by almost 35 percent as it established a record high at $8.67.

Yashu Gola by Yashu Gola
8 months ago
in Cryptocurrency news, Technical analysis
Reading Time: 3min read
Cosmos (ATOM) Rallies 35% to Hit All-Time High; More Gains Ahead?

Cosmos (ATOM) Rallies 35% to Hit All-Time High; More Gains Ahead?

Advertisement

ATOM, the native token of interoperable blockchain Cosmos, was on a roller coaster ride in the last 24 hours.

The 17th-largest cryptocurrency by market capitalization surged by almost 35 percent in the said timeframe as it established a record high at $8.67. The ATOM/USD exchange rate grew more influential on traders’ increasing appetite for decentralized finance unicorns.

Cosmos has earlier amassed a string of successful DeFi projects, including Band Protocol, Kava, Terra, and THORChain. They, in many ways, mirror the services of Ethereum-backed DeFi protocols. They also bring about critical modules that strive to build a workable decentralized financial ecosystem.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

cosmos, atom, atomusd, bitcoin, cryptocurrency

Cosmos chart on TradingView.com showing ATOM/USD hitting its all-time high

But the latest ATOM price rally had less to do with Cosmos’ potential as a blockchain project. Instead, it more followed the hype that has stayed around the DeFi sector in the last three months. So it appears, there was no market-moving event during the previous 48 hours that may have shot the ATOM price upward.

That left the token under the influence of speculators, mainly as other big tokens, including Bitcoin, reported sizeable intraday losses on Sunday. So it appears, influential traders decided to hedge into ATOM, thereby causing the short-term upside move.

Correction Underway

ATOM/USD corrected lower into the Monday trading session by more than 8 percent.

As of 1114 UTC, the pair was trading at near $7.79, showing that traders utilized the ATOM’s peak levels for profit-taking. At the same time, the Bitcoin price surged 2.39 percent to above $11,800. That again reflected traders’ inclination to sell one asset at their local top to buy another one at their session low.

cosmos, atom, atomusd, bitcoin, cryptocurrency

ATOM/USD price targets. Source: TradingView.com

Must of ATOM’s upside bias now hangs on traders’ willingness to buy at the local highs. The token’s Fibonacci retracement graph tells that the price could test $10.56 next as its next resistance level. Meanwhile, it expects to float above its newly-found support level at $7.13 to maintain its short-term bullish bias.

A break below the said price floor would expose LINK to further lower levels. They are at $5.94, $5.01, and $4.36.

Cosmos-Led DeFi Boom

Cosmos is more likely to receive attention due to Ethereum’s booming DeFi space. Despite similarities, projects listed under the Cosmos network have lower market caps than the ones listed under Ethereum. Therefore, traders might find the tokens of those projects undervalued.

“Several of them though have started to see some lift in the markets, suggesting DeFi enthusiasm is beginning to bubble over into other networks,” noted a Messari report. “This current valuation disparity makes it worthwhile to explore the relative value of the Cosmos ecosystem to that of Ethereum.”

That could allow ATOM to continue its bull run towards $10 even with minor downside hiccups. Nevertheless, should Bitcoin explodes past $12,000 with a huge volume, the top cryptocurrency could put pressure on overbought DeFi tokens.

Tags: ATOMatomusdbitcoinCosmoscryptocurrency
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

We Should All Expect Repercussions When The Music Stops on Dogecoin

We Should All Expect Repercussions When The Music Stops on Dogecoin

2 hours ago
VeChain VET VETUSDT

VeChain Mentioned in 2021 Forbes Blockchain 50, Parabolic Move In Sight?

17 hours ago
Bitcoin BTC BTCUSD Dogecoin DOGE

How r/WallStreetBets Triggered DOGE Rally – Reasons for Bitcoin Sell-off

18 hours ago
Ethereum ETH ETHUSD

Ethereum ETF Approved While ETH Gives Bullish Signals

19 hours ago
bitcoin price prediction

Bitcoin At $100,000: Estimating The Chance Of Six Figure BTC In 2021

2 days ago
Coinbase’s $86bn Valuation Has Been Grossly Exaggerated by Misleading Media

Coinbase’s $86bn Valuation Has Been Grossly Exaggerated by Misleading Media

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

XRP Triples Within Weeks, Will the Bull Run Continue?

April 17, 2021

User-Friendly Interface Is Key to Wisebitcoin’s Steady Growth

April 16, 2021

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.