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Cosmos (ATOM) has weakened from $10.29 to $6.28 since July 14, 2023, and the current price stands at $7.09.

Fundamentals of Cosmos (ATOM) are strongly tied to the overall cryptocurrency market, which remains under pressure after the price of Bitcoin plummeted again below $27000.

But where is the price of Cosmos (ATOM) going next, and what can we expect from October 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 enables blockchains to communicate and transact

Cosmos is a decentralized network that enables blockchains to transfer data and tokens with each other while letting them retain their sovereignty. Before Cosmos, blockchains could not communicate with each other, and it is also important to mention that the technology of this network enables you to exchange assets and data across blockchains freely.

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 is also one important feature of Cosmos, which uses a unique consensus algorithm called Tendermint that is designed to be more energy-efficient and scalable than traditional proof-of-work (PoW) systems like Bitcoin.

The ATOM token plays a key role in maintaining interoperability between all zones in the wider Cosmos network and can be used for staking, sending, holding, or spending. By owning ATOM, users have the ability to vote on network upgrades, and each vote is proportional to the amount of ATOM they stake.

The popularity of this project is growing, and Cosmos supports various use cases, including DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and supply chain management. However, the future success of Cosmos (ATOM) also depends on the flexibility of its strategy in response to the competitor’s moves, and investors should always keep in mind that the cryptocurrency space is rapidly evolving.

Cosmos is competing with some big players in the crypto industry, like Polkadot, and we can not forget that regulations on the cryptocurrency market can be a threat to this cryptocurrency in the future.

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

Description: Discover Cosmos and help drive the Web3 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.

SEC to make some key decisions in October

As October 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. The SEC is expected to decide by October 13 whether or not to appeal the ruling in its case against asset manager Grayscale, while the second deadline for several pending spot Bitcoin ETF applications is also in October.

Some notable dates include October 16 and 17, and the SEC approval of such ETFs would significantly boost demand for Bitcoin, which could positively influence the price of ATOM and many other cryptocurrencies.

Cosmos (ATOM) has had a volatile journey this year, facing numerous technical and fundamental challenges, while the price downturn has left many investors wondering whether the token is still worth investing in.

Not long ago, ATOM was trading above $10 ( July 2023), but since then, the price of ATOM has been decreasing, and despite the current jump, the price of this cryptocurrency remains in a bear market. Cosmos (ATOM) remains a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.

Technical analysis for Cosmos (ATOM)

ATOM has weakened from $15.46 to $6.28 since February 08, 2023, and the current price stands at $7.09. On the chart below, I marked the trendline, and as long the price of ATOM is below this trendline, we can’t talk about a trend reversal, and the price of ATOM remains in the SELL-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 March 2023), I marked important support and resistance levels that can help traders understand where the price could move. ATOM remains under pressure, but if the price jumps above $7.5, the next target could be resistance at $8.

A move above the resistance level that stands at $10 would be beneficial for the bulls to remain in control of price movement. The important support level is $6, 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 $5.

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

The upside potential for ATOM probably remains limited for the upcoming weeks; still, if the price advances above $7.5, the next target could be resistance at $8. A move above $10 would be beneficial for the bulls to remain in control of price movement. The overall sentiment on the cryptocurrency market plays a very important role in ATOM’s price trajectory, and if investors regain confidence further, an upside potential could benefit ATOM.

The U.S. Securities and Exchange Commission (SEC) will have some key decisions in October, including decisions for several pending spot Bitcoin ETF applications. October 17 is the second deadline for the SEC to decide on the iShares Bitcoin Fund, VanEck Bitcoin Trust, Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and Wise Origin Bitcoin Trust, and the SEC approval would certainly positively influence the price of ATOM and many other cryptocurrencies.

What indicates further downfall for Cosmos (ATOM)

ATOM is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The price of ATOM is currently trading above $7, but a break below this level would indicate that ATOM could probably test the price level at $6.5 or even the important support level that stands at $6.

The highly volatile nature of the cryptocurrencies may scare investors again to sell ATOM if some negative news happens in the cryptocurrency market – like the SEC rejected approval for Bitcoin ETF applications and it is important to say that analysts already expect that the SEC will again choose to delay its decision on applications which I mentioned above, with the next deadline for a decision coming next year.

What do analysts and experts say?

Cosmos (ATOM) has been moving in a downtrend since February 08, 2023, and many crypto analysts say that the fact that investors have lost interest in accumulating ATOM indicates that we will continue to see low prices for this crypto. Cosmos (ATOM) is a highly risky investment, and its price can fluctuate dramatically over short periods, leading to substantial gains or losses for investors.

It’s essential to conduct thorough research, understand the risks, and only invest what you can afford to lose when considering investing in ATOM. There are also expectations of “market turbulence” from looming recession concerns, and many analysts expect that the U.S. central bank could keep interest rates at restrictive levels for a longer period, which is not good for risk-on assets such as cryptocurrencies.

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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