Cosmos ATOM Breaks out and Moves toward the Stars (TA 05/07/2021)

By JCRoemer | JCR's Crypto Musings | 7 May 2021


Cosmos' ATOM token finally delivered on the hopes and dreams of many an investor today with a 25% increase to break $30, quickly approaching it's next level up from its mid-February high of 26.688. The project bills itself as the Internet of Blockchain and aims itself to be a critical piece of the interoperability puzzle. It's main competition is found in Polkadot and Solana. Based on the valuation of Polkadot, Cosmos' ATOM token is significantly undervalued. Based on Polkadot, Cosmos could potentially be a $150-$180 token based on market cap. Bulls expect far more price action from here and 2021 looks to be a huge year for the project. 

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Based on the local highs and lows, the first major zone of support for ATOM will be found at $36 and a breakout above this level could send price flying to $48. ATOM can look for support at $28 and $26 on a retracement from the breakout. 

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Take note of the sudden, dramatic reversal in the MACD. 

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Here is a snapshot of the 1H A/D chart.

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And then a zoom out - notice the trend line going back to the beginning of the year and another sign of impending price gains, people are accumulating these tokens at a steady pace.

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ATOM Staking:

Tokens Staking

186,519,163.04

% Network Staking

93.88%

Real Annualized Staking Yield

1.64%

 

ATOM Supply:

Liquid Supply

275,973,868.38

Reported Supply

210,641,905.24

Y+10 Supply

568,511,432.37

Y2050 Supply

2,192,096,427.80

% Y+10 Supply Liquid

48.54%

% Y2050 Supply Liquid

12.59%

Liquid Inflation Rate

7.49%

Stock To Flow

13.34

 

 

(Not financial advice, please DYOR.)

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JCRoemer
JCRoemer

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JCR's Crypto Musings
JCR's Crypto Musings

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