Cosmos (ATOM) Leads Profit Among Top Coins

Despite dropping 2.74% at the time of writing, Cosmos (ATOM) still leads the gains among the top coins over the past week. The blockchain internet had its fair share of roses and thorns that week. Data from CoinMarketCap ATOM has experienced several peaks, indicating it is still trading green.

Blockchain has also experienced a high trading volume of 14.93% within the last 24 hours. It also came to an end against top coins like wrapped Bitcoin, Kronos, and Ethereum Classic, considering the seven-day trading activity.

Related reading: XRP Price Hits Target of $0.5, Can It Break This Key Resistance?

Lower Timeframe Structure Remains Bullish Despite ATOM Stall

ATOM’s price hit a series of lows last week. Importantly, it broke above the historical lows of $12.54 and $12.84, establishing a short-term uptrend. The higher timeframe chart saw this as more of a bounce.

When the price approaches the white uptrend line, we might find support there. A close below $13 will turn the timeframe structure bearish again. This could push the price back to his $12.35-$12.4 support area. However, if ATOM can sustain above $13.4, it could indicate a significant uptrend. With such a rise, ATOM is likely to break above the $14.8 resistance zone that has been going on since late September.

At the time of writing this article, the RSI reading was 46. It has broken below the neutral 50 level but shows no signs of bearish momentum. OBV was also flat. This indicated that neither the buyer nor the vendor was in power. It also suggests that a bullish breakthrough is unlikely.

ATOM records higher total stakes thanks to DeFi

Cosmos’ DeFi sector has been booming in recent weeks. After publishing “”Cosmos Hub Roadmap 2.0Cosmos has attracted a lot of interest from investors. Additionally, the native token ATOM experienced growth in Q3 2022 in terms of total value locked (TVL), development involvement and number of holders.

according to Recently Posted Tweets According to Cosmos Daily, the DeFi industry is one of the fastest growing parts of the Cosmos ecosystem. His TVL for popular protocols such as Kava Network jumped to 291.2 million last month. His other two protocols, Osmosis zone and THORChain, earned him $209 million and $105.85 million respectively.

Related reading: Bitcoin Volatility Index Suggests Big Price Moves Coming Soon

Still, on-chain analysis shows that the number of cryptocurrency investors holding ATOM has steadily increased throughout the year. Despite this, there was no significant increase in transaction numbers or volumes.I saw the top DeFi platforms like dYdX We migrated from Ethereum to Cosmos within the past week. It can be said that many investors have a long way to go, especially given dYdX’s big move and blockchain plans outlined in its updated roadmap.

Featured image from Pixabay and chart from TradingView.com