Cosmos (ATOM) Leads Gains Among Top Coins

Cosmos (ATOM), despite being down 2.74 percent as of writing, still led gains among the top coins over the last week. This week has seen its share of roses as well as thorns in the internet of blockchains. However, Data from CoinMarketCapATOM’s trading history shows it has seen many peaks, and that they are still in the green. 

It has seen a rise in trading volumes of 14.93% over the past 24 hour. The 7-Day trading volume has meant that it is able to hold its own against the top coins Wrapped Bitcoin and Cronos as well as Ethereum Classic. 

Similar Reading: The XRP price reaches $0.5 but can it break this key resistance?

Lower Timeframe Structure Remains Bullish Despite ATOM Stall

The ATOM has seen a string of high lows over the last week. Importantly, the ATOM price broke above its previous lows of $12.54 & $12.84 to establish a short-term upward trend. This was seen as a more significant bounce on higher time frames. The $13.4 mark was also a strong support.

It may find support at the white ascending trendline as the price moves closer to the peak. If the session closes below $13, it would again make the lower timeframe structure bearish. The price may fall below the $12.35-12.4 support level. But, ATOM could break through above $13.4 to signal a strong upward trend. This could potentially push ATOM above the $14.8 resistance area that was in place since September.

The RSI reading at the time of writing was 46. It has fallen below the neutral 50 levels but there are no indications of bearish momentum. As well, OBV was flat. It indicated that neither vendors nor purchasers were in power. This also indicated that it was more unlikely for a bullish breakthrough to take SourceL ATOMUSD Price Chart

ATOM’s price is currently hovering below $13. | SourceL ATOMUSD price chart from

ATOM records higher total staked value thanks to DeFi

Recent weeks have seen the DeFi section on Cosmos explode in popularity. After publishing the “Cosmos Hub Roadmap 2.0,” Cosmos received great interest from investors. The native token ATOM also saw significant growth in terms total value locked, development engagement and number of holders during the third quarter 2022.

According to a tweet recently postedAccording to the Cosmos Daily the DeFi sector is the fastest growing part of the Cosmos ecosystem. Popular protocols such as the Kava network saw their TVL rise to 291.2 millions in the month prior. Osmosis Zone and THORChain were two additional protocols that earned $209 million each.

Read Related: Volatility Index Hopes for a Large Price Movement Soon

On-chain analytics showed that there was an increase in cryptocurrency investors holding ATOM over the course of the year. However, the number or volume of transactions did not change. Top transactions were also recorded DeFi platforms like dYdXWithin the last week, move from Ethereum into Cosmos. One could say that many investors are in for the long ride, especially given dYdX’s big move and the blockchain’s plans outlined in its updated roadmap. 

Featured image taken from Pixabay. Chart from

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