- Active addresses on the Cosmos blockchain dropped when its market capitalization exceeded $3.5 billion.
- ATOM trend may be in favor of the bears despite the bullish double top.
The so-called self-contained internet of blockchains, Cosmos [ATOM] He regained $3.5 billion in market capitalization after his token showed a 40% increase in the last 30 days.
Realistic or not, here it is ATOM’s market capitalization in BTC terms
anyway, CoinMarketCaps data Show that the market value has decreased over the past 24 hours. This was followed by a decrease in the value of ATOM.
Titles that pull the axis?
Information from the Token Terminal showed that active addresses on the Cosmos network had lost contact with Midas.
Daily Active Addresses measures the number of people involved in moving an asset in a single day. Between January 1st and 23rd, the daily active addresses increased continuously.
However, the increase appears to have decreased. At press time, the blockchain financial data provider revealed that Cosmo’s active addresses had dropped to 16,300.
tokenterminal January 24, 2023
In addition, Cosmos has enjoyed huge contributions from its developers. to me feelingsThe number of ATOM developer activity contributions reached several peaks at different times.
However, it is down at the time of writing. In turn, this affected the development activity in the series, which fell to 52.24. However, the reduction may not be significant enough to conclude that the project’s commitment to modernizing its network was not a priority.
Viewpoint has also connected some new partnerships that include the Cosmos Centre. On January 23 Cosmos has been confirmed dYdX exchange is built on its network.
Check out this interview with the founder of DyDX @employee 👇 https://t.co/QB2ZpCqcSv https://t.co/njdJPX768V
– Cosmos – Internet of Blockchains ⚛️ (cosmos) January 24, 2023
Defending the decision to choose Cosmos, Antonio Giuliano, founder of the exchange, said:
“We think this is the best technology we can build on. It can process more transactions and the response time is much lower.”
This atom is negatively charged
On the daily chart, ATOM is gaining more and more the support between 9 – 15 January. But the support resisted at $12.12 and then failed to repeat the pattern. However, indicators from the Directional Movement Index (DMI) point to the possibility of a price decline.
This conclusion was because the positive DMI (green) was trending lower even though it was at 26.70. On the other hand, the negative DMI (red) was 14.20.
Is your wallet green? paying off Cosmos profit calculator
But – DMI has started an upward movement since January 23rd. It was also supported by the Average Directional Index (ADX). At the time of writing, the ADX is very high at 43.13. Therefore, ATOM may fall further if these trends continue in the same direction.
In addition, the Extraordinary Oscillator (AO) oscillates between the red and green bars. Although there was a bullish twin top in play, the contrast in red and green was not enough to confirm a bullish cross.