- Cosmos price has made a spectacular comeback in the past few days.
- Investors are cheering the growing ecosystem and staking rewards.
Cosmos price rebounded as demand for the coin jumped. ATOM rose to a high of $12, which was about 16% above the lowest level this week. Its market cap has bounced back to about $3.3 billion, making it the 24th biggest cryptocurrency in the world.
Growing ecosystem
Cosmos is a leading blockchain project that hopes to change the cryptocurrency industry. Its main product is one that enables people to freely exchange assets and data across sovereign and decentralized blockchains. It has been embraced by some of the leading cryptocurrencies in the world that have a combined market cap of over $62 billion.
Cosmos also runs the Hub, which is a blockchain that provides vital services to the interchain. The interchain is a new internet, which is made up of an extended network of interconnected blockchains.
Further, Cosmos has an SDK, which is a state-of-the-art blockchain framework that powers the Cosmos Hub. Developers can use this SDK to build applications that leverage its tendermint consensus and the inter-blockchain communication protocol. Cosmos SDK has extremely low fees of about $0.01 and fast transactions since transactions are confirmed in less than 7 seconds.
Learn more about how to buy Cosmos.
The Cosmos ecosystem is secured by the ATOM token, which is one of the most popular cryptocurrencies. According to StakingRewards, holders of the ATOM token experience returns of about 11%, making it one of the most attractive tokens.
Cosmos ecosystem is growing rapidly. Some of the most notable applications in its ecosystem are Cronos, Ankr, BNB Chain, Fetch.ai, and Hard Protocol among others. dYdX, the giant DEX, is also moving from Ethereum to Cosmos. This growing ecosystem explains why the ATOM price has done well in the past few days.
Cosmos price prediction
The four-hour chart shows that the ATOM price has been in a strong bullish trend in the past few days. Along the way, the coin managed to move above the lower side of the ascending channel pattern that is shown in green. It also moved above the 25-day and 50-day moving averages. Also, the MACD has moved above the neutral point.
Therefore, the coin will likely continue rising as bulls target the upper side of the channel at around $13.26. A drop below the support level at $10 will invalidate the bullish view.
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