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Cosmos [ATOM]: From rags to riches by 139% in the last 90 days



Source: Unsplash

According to crypto social intelligence tool, LunarCrush, ATOM, has been one of the best-performing cryptocurrencies in the last 90 days. With its price at the $16 price level, LunarCrush found that the price of the #18 largest cryptocurrency had gone up by 139% in the last three months.

It further found that the asset’s social dominance had increased by 76% within the same period.  As of this writing, ATOM’s social dominance stood at 0.15%.

Data from CoinMarketCap also revealed that ATOM ranked 3rd on the list of cryptocurrencies with the most gains in the last week. With a 5% uptick in its price, ATOM followed CHZ, which logged a 6.13% growth. CEL also made it to the list, which rallied by a double-digit gain of 14.02% within the same period. 

Source: CoinMarketCap

ATOM in September

At press time, ATOM traded at $16.63. In the last 16 days, the price per ATOM coin had gone up by 38%. Still, on its rally, it registered a 10% growth in price in the last 24 hours with a corresponding 14% hike in trading volume. 

An assessment of the asset’s Moving Average Convergence Divergence (MACD) on a daily chart showed that the bulls have been in control of the market since 6 September. 

The Relative Strength Index (RSI) on 9 September attempted a break into the 70 overbought region. However, a decline in buying pressure forced the indicator to a low of 54 by 13 September.

With renewed interest in ATOM accumulation, the Relative Strength Index (RSI) was positioned in an uptrend at 66 at press time. In addition, the asset’s Chaikin Money Flow (CMF) posted a positive 0.22 showing that selling pressure had weakened since 13 September. 

Further, a look at the Exponential Moving Average (EMA) pointed to the fact that the buyers currently control the ATOM market. At the time of writing, the 20 EMA (blue) was above the 50 EMA (yellow), showing that the bulls had control with continued coin accumulation.

The Directional Movement Index (DMI) lent credence to this position, with the buyers’ strength (green) at 31.29, resting above the sellers’ strength (red) at 13.56.

Source: TradingView

House to over 250 decentralized apps (dApps) and services, developmental activity on Cosmos has surged in the last 90 days, Santiment showed. It has gone up by 43% within that time.

However, while the price of ATOM surged, the total supply of the coin held by whales with more than $5 million worth of ATOM declined steadily in the three-month period. According to Santiment, the number sat at 42% as of this press, from 44% in June. 

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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