Cosmos price prediction: Buy or Sell the ATOM dip?

The Cosmos (ATOM/USD) price has been in a strong bearish trend in the past few days as investors worry about cryptocurrencies and stocks. The coin fell to a low of $26.03, which was the lowest level since March 15th. Its market cap has fallen to about $7.9 billion.

Cosmos ecosystem growth

Cosmos is one of the leading platforms in the blockchain industry. It is widely used by developers seeking to create decentralized applications (dApps). It has also been used to ensure that multiple cryptocurrencies can communicate with each other.

Cosmos has several parts. It has inter-blockchain communications (IBC) protocol that enables more than 250 cryptocurrencies like OKB and CRO to communicate with each other. At the same time, it has the Cosmos SDK that enables developers to build decentralized platforms.

In the past few months, applications built using Cosmos SDK have been in a strong growth. The most important has been Terra, which is one of the biggest ecosystems in the world. Terra has been used to build top-quality apps like Lido, Astroport, and Anchor Protocol.

In the past few days, the prices of Astroport and Anchor Protocol have been rising sharply. Astroport rose to an all-time high as investors cheered the launch of governance and staking features. Anchor Protocol, on the other hand, rose as investors bought the dip.

Cosmos also has another section that is fully focused on decentralized finance. It is a leading backer of Gravity DEX, which is moving from Cosmos Hub to a new chain known as Crescent. In a statement, the developers said that ATOM users would be given 50% of the Crescent Network airdrops. All these mean that the Cosmos ecosystem will likely keep growing in the coming years.

Cosmos price prediction

The ATOM price rose to a high of $33.30 on April 3 as the cryptocurrency rally continued. Now, the coin has been in a strong reversal as investors worry about the inverted yield curve and the fact that the Federal Reserve has hinted that it will start implementing quantitative tightening. The 25-day and 50-day moving averages have made a bearish crossover.

Therefore, the Cosmos price will likely maintain a bearish momentum in the coming days. If this happens, the next key support level will be at $25.8, which was the lowest point on March 14th.

The post Cosmos price prediction: Buy or Sell the ATOM dip? appeared first on Invezz.