The ATOM Token Is Poised For Continued Growth In Q3 2022

After publishing its “Cosmos Hub Roadmap 2.0,” Cosmos caught the attention of several investors. Furthermore, in Q3 2022, its native token ATOM saw favourable changes in terms of its total value locked (TVL), development effort, and the overall number of holders.

At the same time, though, ATOM’s stock was falling despite all of these favourable aspects. This suggests that a less-than-optimal Q4 may be possible.

Here is AMBCrypto’s estimation of the price of Atom for 2022–2023.

Analyzing The Data

The DeFi industry has seen significant growth for the Cosmos ecosystem, according to a recent tweet from the Cosmos Daily.

TVL of 291.2 million was accumulated through protocols like the Kava Network. The Kava Network has grown a lot during the last month, as shown in the graphic below.

Osmosis Zone and THORChain, two other protocols, raised respectively $209 million and $105.85 million.

Speaking of on-chain measures, ATOM’s holdings by crypto investors increased steadily all year long. However, there was not a great deal of growth in terms of volume or transaction number.

The volume of ATOM declined steadily during the past month, which is a drawback.

Within a month, it dropped by 80.03%. The market cap unexpectedly suffered as well. 01.5% of its value was lost. In particular, ATOM had 0.38% of the market at the time of publication.

Additionally, throughout the preceding month, there was a decrease in development activities. Potential investors might see this as a pessimistic indicator.

Related Reading | DOGE Transactions Soar After Elon Musk’s Resumes Twitter Deal

After the aforementioned developments, ATOM was trading at $12.95 at the time this article was being written. Over the past two weeks, its price has decreased by 12.71%.

It is noteworthy that the ATOM price started to decelerate after testing the $13.34 resistance level. The momentum of the price was slightly tilted toward the sellers when the RSI reached a value of 49.07.

Although the near-term outlook for $ATOM appears gloomy, readers who want to stay current on the situation might look at Cosmos’ partnerships and updates.

Comments (No)

Leave a Reply