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James from Oklahoma City

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Cosmos (ATOM) has advanced from $7.92 to $12.41 since the beginning of November 2023, and the current price stands at $11.47. This bullish trend implies intense market purchasing pressure and suggests investors are bullish on Cosmos’s (ATOM) prospects.

After the Fed statement, the probability of a May rate cut in U.S. interest rate futures increased from 80% to 90% which is also positive for the cryptocurrencies which usually show a correlation with stocks on Wall Street. But where is the price of Cosmos (ATOM) going next, and what can we expect from the rest of December 2023?

Today, Crypto Lists will discuss Cosmos (ATOM) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Cosmos facilitates communication and transactions

Cosmos is a decentralized network that facilitates the transfer of data and tokens between blockchains, allowing them to maintain their independence. Prior to Cosmos, blockchains lacked the ability to communicate with each other and it is noteworthy that the technology within this network allows for the seamless exchange of assets and data across various blockchains.

To enable different blockchains to communicate and transact with each other, Cosmos uses the Inter-Blockchain Communication (IBC) protocol, which allows data and assets to be transferred between different blockchains within the Cosmos Network and even with other blockchain networks outside of Cosmos.

Scalability also stands out as a key aspect of Cosmos, employing a distinctive consensus algorithm named Tendermint, intentionally crafted to be more energy-efficient and scalable compared to conventional proof-of-work (PoW) systems such as Bitcoin.

The ATOM token serves a pivotal function of Cosmos by ensuring seamless connectivity across all zones within the expansive Cosmos network and can be used for staking, sending, holding, or spending. Possessing ATOM grants users the power to participate in network enhancement decisions through voting, with the weight of each vote directly linked to the quantity of ATOM they stake.

This project is experiencing increasing traction, with Cosmos endorsing multiple applications such as DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and supply chain management. However, the future success of Cosmos (ATOM) hinges on the adaptability of its strategy in light of competitors’ actions and investors must remain cognizant that the cryptocurrency realm is swiftly evolving.

Rating: 9.33/10
Supply: 226,226,000 / 284,011,008
Release date: April 6, 2017

Description: Discover Cosmos and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


The SEC will make key decisions in Jan 2024

As January approaches, crypto investors will have their eyes set on the U.S. Securities and Exchange Commission (SEC), as it has some key decisions to make that could invariably affect the crypto industry. Numerous cryptocurrency analysts anticipate the U.S. Securities and Exchange Commission (SEC) to approve a Bitcoin ETF soon, and if this happens, the price of ATOM will likely ascend to higher levels.

The prospect of spot Bitcoin ETFs receiving SEC approval has generated significant excitement within the crypto community mainly because the approval is expected to energize the cryptocurrency markets even more, drawing considerable institutional investments, especially from hedge funds.

As per Bloomberg analyst James Seyffart, the anticipated period for potential approval of a spot Bitcoin ETF could be by January 10. However, investors should consider that it is still not sure if this will happen but what is sure is that the next deadlines for the SEC’s decision to approve, reject or delay applications from firms including BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity and Valkyrie fall in mid-January.

In the weeks to come, ATOM and the cryptocurrency market will remain significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC) and investors should keep in mind that while positive developments can trigger substantial price increases, they also carry potential risks. Hence, engaging in investments related to Cosmos (ATOM) demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.

Technical analysis for Cosmos (ATOM)

Cosmos (ATOM) advanced this week to a 6-month high of $12.41, signaling strong bullish momentum. The current price of ATOM stands at $11.47 and rising market capitalization and trading volume reflect growing investor interest in ATOM. On the chart below, I marked the trendline, and as long the price of ATOM is above this trendline, we can’t talk about a trend reversal, and the price of ATOM remains in the BUY-ZONE.

Technical analysis for Cosmos (ATOM)

Important support & resistance levels for Cosmos (ATOM)

Important support & resistance levels for Cosmos (ATOM)

On this chart (the period from April 2023), I marked important support and resistance levels that can help traders understand where the price could move.

According to technical analysis, bulls control the price movement of ATOM for now, and if the price advances above $13, the next target could be strong resistance that stands at $15. The important support level is $10, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to the next support that stands at $9.

What speaks for the rise in the Cosmos (ATOM) price

The Cosmos (ATOM) has experienced a significant rise in the last several weeks, with bulls driving prices up to a 6-month high of $12.41 this Tuesday. The overall sentiment on the cryptocurrency market plays a very important role in ATOM’s price trajectory, and if investors continue to feel confident, an upside potential could benefit ATOM even more.

There’s widespread anticipation among crypto analysts for the imminent approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Should this approval materialize, the price of ATOM will likely experience further increases. Should the price of ATOM surpass $13, the subsequent significant resistance level at $15 might become the next target.

What indicates a downfall for Cosmos (ATOM)

The downfall of ATOM can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. The highly volatile nature of the cryptocurrencies may scare investors again to sell ATOM if some negative news happens in the cryptocurrency market and because of this, investing in ATOM involves a significant degree of unpredictability and substantial risk.

What do analysts and experts say?

The cryptocurrency market remains supported in the last weeks of 2023; Bitcoin’s price remains near 2023 highs and this situation also positively influenced ATOM. The question now is whether this “bullish” phase could potentially instigate further gains for ATOM and maybe a jump beyond the $15 mark again.

Many crypto analysts say that more investors could purchase ATOM in the weeks ahead, and as long the price of ATOM is above $10, the price of this crypto remains in the BUY-ZONE.

Crypto analysts also say that the SEC approval for the first Bitcoin ETF in the U.S. would certainly positively influence the price of ATOM and according to Bloomberg analyst James Seyffart, the probable period for potential approval of a spot Bitcoin ETF could be by January 10. However, investors should keep in mind that ATOM also poses a risk as an investment, with the potential for significant price fluctuations over brief durations, resulting in substantial gains or losses.

Before investing in ATOM, it is crucial to conduct comprehensive research, comprehend the associated risks, and invest only an amount that you can afford to lose.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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