- ATOM price exhibited massive bearish bias within the past couple of days.
- Cosmos ecosystem performed well, thanks to LUNA’s DeFi projects.
- Gravity DEX airdrop would be the next catalyst.
Cosmos (ATOM/USD) has experienced massive bearishness over the past couple of days as investors remained worried about stock and cryptocurrencies. The altcoin declined to $26.03, its lowest mark since 15 March. The alt’s market capitalization has plunged to $7.9 billion.
ATOM Ecosystem Growth
Cosmos is among the top platform within the blockchain space. Meanwhile, the network has attracted developers seeking to build dApps. It also ensures improved communication between many cryptocurrencies.
Cosmos comprises several parts. It boasts an IBC (Inter-blockchain communications) protocol that allows over 250 cryptocurrencies like CRO and OKB to communicate with each other. There’s the Cosmos SDK that developers can use to create decentralized networks.
Applications created with the Cosmos SDK saw massive growth within a previous couple of days. The most notable one is Terra, among the top ecosystems globally. Developers have utilized Terra to build top-notch applications like Anchor Protocol, Astroport, and Lido.
Anchor Protocol and Astroport have seen sharp price surges within the past couple of days. Astroport hiked to new ATHs as enthusiasts celebrated staking and governance features launch. On the other side, Anchor Protocol surged amid dip-buying by market players.
Also, Cosmos has a section that concentrates on DeFi. It’s a leading Gravity DEX backer. Meanwhile, Gravity DEX is shifting to Crescent from Cosmos Hub. Developers revealed that the ATOM client would receive 50% of Crescent’s airdrops. That means the Cosmos ecosystem boasts what’s necessary to keep growing in the upcoming years.
ATOM Price Forecast
Cosmos’ price climbed towards $33.30 highs on 3 April amid a continued rally. However, the altcoin sees massive reversals as enthusiasts worry about the flipped yield curve and Fed Reserve’s hints at implementing quantitative tightening. The 25- and 50-day MA made a bearish cross.
Thus, ATOM prices might sustain a bearish bias in the upcoming days. Such developments will see the token hitting the support at $25.9, exploring the lowest mark since 14 March.
Stay tuned for the upcoming cryptocurrency news.