Connect with us
Active Currencies 14719
Market Cap $2,663,478,703,080.34
Bitcoin Share 51.49%
24h Market Cap Change $4.92

Can Cardano provide the support Cosmos needs to sustain its growth? 

2min Read
Can Cardano provide the support Cosmos needs to sustain its growth? 

Share this article

  • Cardano is planning to connect with the Cosmos ecosystem.
  • ATOM’s on-chain metrics were supportive of a continued surge. 

Cosmos [ATOM] managed to register gains on its weekly charts by increasing its price by more than 2%.

According to CoinMarketCap, at the time of writing, it was trading at $13.71 with a market capitalization of over $3.8 billion.

Though this uptick can be attributed to the broader market condition, a few other factors also seem to be at play simultaneously. Well, one of which can be Cardano’s plan for connecting with the Cosmos ecosystem. 


Read Cosmos’s [ATOM] Price Prediction 2023-24


Notably, World Mobile and Input Output Global are working with Cardano’s sidechains project team, to fully integrate the purpose-built World Mobile Chain using Tendermint as a Cardano sidechain.

The joint objective of this technology initiative is to connect the public mainnet of Cardano with a permissioned solution created using the Cosmos SDK. With this new initiative, new possibilities will open up for interoperability between the Cosmos and Cardano ecosystems. 

But is this enough?

Interestingly, a look at ATOM’s on-chain metrics revealed that the above-mentioned development can further help the token go up on the charts.

Negative sentiments around ATOM decreased in the last few days. Cosmos remained in demand in the futures market as its Binance funding rate was consistently up.

Moreover, the token’s development activity went up over the last week, which looked like a promising sign as it reflected the increased efforts of the developers in improving the network. 

Source: Santiment


How much are 1,10,100 ATOMs worth today?


The bulls are still ahead

ATOM’s daily chart revealed that the good times might continue for a few more days, as it was evident that the bulls still had an upper hand in the market.

The Exponential Moving Average (EMA) Ribbon pointed out that the 20-day EMA was well above the 55-day EMA, establishing a buyers’ edge.

Though the Chaikin Money Flow (CMF) registered a downtick, it was still above the neutral mark. However, the Relative Strength Index (RSI) was hovering near the overbought zone, which might bring trouble in the future. 

Source: TradingView

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.