The high season of altcoins continues, and there are already several that have surpassed Bitcoin if we talk about their performance in 2020. Today, one of the best has been the Cosmos crypto-currency, with the ATOM label, accumulating gains of 24% during the last 24 hours.
It is a platform specially designed for communication between chains, seeking ways to improve interoperability between them, using the advantages of Bitcoin Era and the Blockchain Intercommunication Protocol.
In short, the Cosmos network is a Blockchain Internet.
Today, thanks to a market capitalization of more than $1 billion, ATOM cryptomone ranks number 20 in the crypto ecosystem. Its daily volume is currently $350 million.
With a price of $5.32 per unit, the return on investment for those who entered its birth is negative, specifically -17.43%. So its history has not been the best, if we only talk about the development of its price.
In spite of this, the rise that is taking place is making the bullish vision in the Cosmos cryptomoneon return. And to find out where it may be heading, we prepared the technical analysis you find in the paragraphs below.
Cosmos in review
Technical analysis of the price of the Cosmos crypto currency (ATOM)
We are about to close a great week in the crypto ecosystem, and the ATOM cryptomonet has been no exception.
From the weekly chart, Cosmos vs. US Dollar, we can see a strong bullish candlestick, capable of resuming the bullish trend in the medium term.
The EMA 8 and SMA 18 moving averages are following this direction, and recently worked as dynamic supports.
Currently, the price is entering an important supply area, left with the highs reached this 2020.
At the moment the odds are in favor of a breakout from this resistance level. If it does break through, the ground will be cleared to the all-time high around the $7 level.