- Cosmos ATOM price has risen by more than 132% from its YTD low.
- Injective, a Cosmos protocol, has seen significant jump in activity.
Cosmos ATOM price has held steady in the past few days as cryptocurrencies attempt its rebound and as its ecosystem growth continues. ATOM was trading at $13, which is about 132% above the lowest level this year. Its market cap has risen to more than $3.7 billion.
Injective Protocol growth
Cosmos has become one of the most popular blockchain projects in the world. It has become a favorite platform for developers to build decentralized applications. Some of the most popular projects in its ecosystem are Osmosis and ThorChain.
In September, the developers announced that Cosmos was changing. In their statement, the developers said that the original goal of the network was already achieved. Now, the next stage will see it become an important infrastructure service platform.
In the new Cosmos 2.0, ATOM will become the preferred collateral within the Cosmos Network. In addition, it will include the Interchain Scheduler, which is an cross-chain block space marketplace that will generate revenue from cross-chain MEVs. Also, the Interchain Allocator will us these revenues to capitalize chains created in Cosmos. It will also introduce liquid staking capabilities.
Learn more about how to buy Cosmos.
Therefore, this transition explains why the ATOM price has done well in the past few weeks. Another reason is that Injective Protocol has seen a lot of growth in the past few weeks. For starters, Injective is a blockchain project backed by the likes of Pantera and Mark Cuban.
It is a layer-1 project that is optimized for Decentralized Finance (DeFi) applications. It has a high throughput and cross-chain interoperability.
According to DeFi Llama, the total value locked (TVL) in Injective has been making a comeback in the past few weeks. It now stands at $92.4 million, which is the highest it has been since May this year. As a result, the INJ price has risen by more than 70% from its lowest level this year.
ATOM price forecast
The daily chart shows that the ATOM price has been in a strong bullish trend in the past few days. During this time, it has formed an ascending channel that is shown in blue. Also, it is hovering at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has started to fall.
Cosmos has also stalled at the 23.6% Fibonacci Retracement level. Therefore, I suspect that the coin will mov upwards as buyers target the upper side of the channel at $17, which is about 32% above the current level.
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