Cosmos Price Surge

Cosmos price rose for five consecutive days, reaching its highest level since March 3, driven by increasing demand and futures open interest.

On Saturday, Cosmos (ATOM) peaked at $4.45, marking a 32% increase from its year’s lowest level.

The rise coincided with a rebound in Bitcoin (BTC) and other altcoins, with Bitcoin hitting $84,000, while Ethereum (ETH), Ripple (XRP), and Cardano (ADA) gained over 1.45%.

The uptick was also fueled by investors buying the dip after a significant price fall. CoinMarketCap reported a 24-hour trading volume exceeding $153 million.

Futures open interest in Cosmos increased to $93 million, the highest since February 2021, indicating a potential bullish trend as cryptocurrencies often rebound when open interest rises.

Overview of Cosmos

Cosmos introduced the concept of the Internet of Blockchains, enabling independent blockchains to operate together. Key players include Osmosis, Celestia, THORChain, and Cronos.

Cosmos Price Analysis

The recent price rebound has technical foundations. The ATOM token dropped to $3.4123, coinciding with a significant swing low from September last year, forming a double-bottom pattern.

Additionally, a falling wedge chart pattern indicates a potential bullish breakout. The Percentage Price Oscillator (PPO) is rising after reaching a low earlier this month, and the Relative Strength Index (RSI) is slightly above its descending trendline from December highs.

Thus, the combination of the falling wedge and double-bottom pattern suggests a potential upward movement, possibly targeting a resistance level of $5.8783. A drop below $3.4 would invalidate this bullish outlook.

[Read more: Here’s why altcoins like XRP, LINK, BONK, Jasmy are going up]