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Traders fixated on Cosmos should focus on ATOM for these reasons

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Activity on Cosmos didn’t seem very impressive and was next to nothing as of 27 April. However, ATOM may come to the chain’s rescue and offer traders with some much-needed relief.

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  • Development activity on the Cosmos network wasn’t impressive at the time of writing.
  • However, ATOM made it to the list of top gainers as per data from LunarCrush.

Q1 of 2023 wasn’t particularly kind to Cosmos [ATOM] as data from CoinMarketCap showed that it was a downhill road. However, there could be a change in the direction of the crypto winds.

This was because as per data from LunarCrush, ATOM combined social and market activity hit the #1 rank.

Furthermore, the altcoin exchanged hands at $11.63 at the time of writing. ATOM traded 7.67% higher than the last 24 hours and saw a surge of 1.79% over the last seven days as per CoinMarketCap.

Read Cosmos [ATOM] Price Prediction 2023-24

Can ATOM move on from its past?

At the time of writing, data from Santiment showed that not much had been accomplished on the development end of the Cosmos blockchain. As can be seen below, development activity stood at 52.12, which indicated that fewer developments were taking place on the network.

Furthermore, the development activity also witnessed a sizeable drop since the beginning of April. Moving on to the development activity contributors count, that too stood at 11. This wasn’t a great sign for the Cosmos blockchain either.

Source: Santiment

A look at ATOM’s market cap dominance also painted a gloomy picture for the chain. Although ATOM’s price witnessed a rise, its market cap dominance stayed at 0.263 which wasn’t exactly the best scenario for Cosmos.

Source: Messari

Furthermore, data from Staking Rewards also showed that the number of stakers also witnessed a significant drop in the last seven days. However, at press time, there was a slight improvement in the number. But this was definitely a negative sign for the altcoin.

Source: Staking Rewards

A ray of hope here

Despite the disappointing front presented by Cosmos, ATOM investors could be in for a surprise. At the time of writing, ATOM’s Relative Strength Index (RSI) was moving toward the neutral zone. This indicated that recovery could be on its way for the altcoin.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator showed that at press time, the signal line was above the MACD line. Although the two lines were below the zero line, the position of the MACD line seemed to be ready to move in the upward direction, which could be an indication of a bullish crossover.

Additionally, the Awesome Oscillator (AO) also managed to flash green at press time.

Source: TradingView

Realistic or not, here’s ATOM’s market cap in BTC’s terms

Additional data from LunarCrush also pointed out that as of 27 April, ATOM managed to make it to the list of LunarCrush Trade Top gainers. The altcoin ranked #4 and gained 9.1%.

 

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Aashna is a News Editor at AMBCrypto and is particularly interested in the how and what of blockchain technology, along with its vast applications. A flair for the language and her inquisitive nature are factors that spike her interest in the cryptocurrency space.
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