Cryptocurrency Report.

One Cryptocurrency Sustaining Above the Support Levels- Cosmos (ATOM)

Jan 16, 2025

| Read Time :10 Mins

ATOM

Investment Type

Crypto

Risk Level

Action

Rec. Price (US$)

Cryptocurrency Market Round-Up

Typically, cryptocurrencies are termed as digital currencies and use blockchain technology to record every transaction. Cosmos (ATOM) is a decentralized ecosystem of autonomous blockchains intended to build the next-generation Internet. Each blockchain in the Cosmos is powered by Tendermint consensus, which is also used by the network, and BFT consensus algorithms. ATOM has a market capitalization of ~USD 2.60 billion (as per TradingView as of January 16, 2025).

Last week, the benchmark S&P Cryptocurrency Broad Digital Market (BDM) Index started on a negative note and maintained a bearish momentum for the entire week. The index declined by 360.84 points (~5.82%) to 5840.49 for the week ending January 10, 2025. In the current week starting January 13, 2025, the index is trading with positive momentum. Moreover, other major cryptocurrencies, such as Bitcoin and Ethereum, are witnessing bullish momentum for the current week.

Having understood the S&P Cryptocurrency BDM Index movement over the last week and the scenario for the upcoming week, one cryptocurrency that seems ‘Attractive’ at the current level appears to be Cosmos (ATOM) based on the below technical parameters: -

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