Cosmos has been leading the crypto charts over the weekend, with the gains made enabling the coin to reach a new all-time high. The upswing has also enabled ATOM to go up the crypto ranks, and its market capitalization currently stands at over $11 billion. ATOM is ranking as the 14th largest cryptocurrency in terms of market cap.
ATOM is trading at $42.77 at the time of writing after an 8.7% gain in 24 hours.
ATOM Price Analysis
ATOM has made major monthly gains that have pushed the coin from lows of $18.23 a month ago to new highs of $42. The coin’s monthly gains currently stand at over 123%.
If the upward trajectory continues and buyers continue rallying support, the upper resistance of $45 could be tested. During the past 24 hours, the coin had almost managed to touch this resistance level, but it only reached $44. However, this price action could be witnessed again, and if the bullish sentiment is stronger, $50 will be the next target.
Currently, support from the broader market is weak because bitcoin has fallen to $45K. This means that we could see ATOM giving in to the bearish sentiment. If ATOM dips again, the lower support levels of $40 will be tested. Before the 24-hour rally, ATOM was trading at $38, and if it dips to this level again, traders could start buying the dip.
The recent gains by Cosmos have been attributed to developments in its blockchain. The Cosmos blockchain has recorded increased use cases because of the Inter-Blockchain Community Protocol (IBC). Over the past month, this protocol has seen increased adoption that has fuelled the values of ATOM.
The latest metrics from Map of Zones show that more than 780,000 IBC transfers have taken place in the past month, and the network has handled more than 3.2 million transactions.
With this growing adoption and use cases for the Cosmos blockchain, the coin could continue making new highs despite volatility in the broader market.
Where to Buy ATOM
If you want to buy ATOM during the current bullish rally, you can create a cryptocurrency exchange account on the following exchanges:
eToro is one of the largest and popular exchange platforms. eToro also has a great reputation for enabling copy trading. With this feature, a new trader learns more about crypto trading strategies, increasing their chances of making profits.
Kraken is one of the largest exchange platforms. You can trade ATOM on Kraken easily because the exchange supports user-friendly features. Kraken also offers support to a wide range of cryptocurrencies and trading pairs.
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