Cosmos (ATOM) is among the most trending big-league cryptocurrencies that have entirely ignored the profit booking witnessed on September 07, 2021, in the entire crypto space. As a result, not only did ATOM take support from its ultimate support level of 200 Days moving average, but it made a profit of over 100% in less than two weeks.
Each fallback in Cosmos is being considered as a buying opportunity. Is it not a bullish sentiment indicating the trust in the scaling and growth of Cosmos network by its inventors? ATOM has returned over 400% in value in the last three months and has rapidly climbed market capitalization ranking.
At present, ATOM ranks in the 21st position with a market capitalization of above $8 billion. It has a total circulating supply of 221 million coins and a strong buying sentiment. Despite the double-digit fall, ATOM seems to have taken a cue from its previous price action, forcing buyers to take advantage of fallen value to add more coins to their portfolio.
ATOM Price Analysis
Historically, the 200 DMA curve has been taken as an instrument to measure the performance of an asset in the last year, taking into account the holidays and no trade days. But since cryptos trade 24*7, this indicator becomes even more vital and shows the trend. As Cosmos reached near the 200 DMA curve on September 07, it was taken as a sign that a neutral level has been reached, and there is a good potential for increasing the value of ATOM, prompting others to buy this cryptocurrency.
For the last one week, while the prices were sort of consolidating, a sudden up move took ATOM to a new high of $44.775. At the same time, since such high levels weren’t expected so soon, holders monetized their profits. Following the sell-off on the 7th, we are again witnessing ATOM rising towards its previous consolidation levels. With RSI trading in full bullish sentiment and higher trading volumes, we can expect ATOM to retest the $50 levels in the coming months.