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Cosmos Price Analysis: ATOM swiftly spikes to a new all-time high at $41.5 overnight, continuation today?

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Cosmos price analysis is bullish for today as the market has set a new all-time high and currently has seen a slight retracement to the $38 previous resistance. Therefore, as long as the $38 mark holds, we expect ATOM/USD to continue higher over the next 24 hours.

Cosmos Price Analysis: ATOM swiftly spikes to a new all-time high at $41.5 overnight, continuation today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 1.05 and 3.14 percent, respectively. Meanwhile, Cosmos (ATOM) is the best performer, with a gain of 8.4 percent.

Cosmos price movement in the last 24 hours: Cosmos sets a new all-time high at $41.5 overnight

ATOM/USD traded in a range of $35.59 – $41.34, indicating strong volatility over the last 24 hours. Trading volume has spiked by 78 percent and totals $2.55 billion, while the total market capitalization trades around $8.78 billion, ranking the coin in 23rd place overall.

ATOM/USD 4-hour chart: ATOM pauses before further upside?

On the 4-hour chart, we can see a small retracement for ATOM as the previous high of $38 gets retested.

Cosmos Price Analysis: ATOM spikes to a new all-time high at $41.5 overnight, continuation today?
ATOM/USD 4-hour chart. Source: TradingView

Cosmos price action has seen strong bullish momentum over the past weeks. After a strong spike lower on the 7th of September, a new major swing low was set around $18.

From there, ATOM/USD started to gain momentum rapidly and set several new higher highs until the previous all-time high of $32.5 was broken on the 12th of September. Further upside continued until the $38 mark was reached.

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This week, ATOM/USD saw a retracement to the previous all-time high support of $32.5, with several days of consolidation around the price area. The Cosmos price saw another move higher on Thursday, setting a lower high as bulls were not yet ready to push further.

However, after another retest of the $32.5 significant support on Friday, ATOM finally pushed higher and set a new all-time high at $41.5 overnight.

Cosmos Price Analysis: Conclusion 

Cosmos price analysis is bullish as the market has set a new all-time high at $41.5 overnight, and currently, a small retracement has been set. Therefore, we should see ATOM/USD rally higher and set further highs as long as we don’t see further downside.

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While waiting for Cosmos to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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Cosmos

Axie Infinity to Go 100X! LINK, COSMOS and DOT Price to Follow!

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It can be seen from the green candles in the crypto market that many altcoins are making good profits showing the very first moments of the altseason. The crypto space regained the lost momentum with the start of the new quarter. As Bitcoin price broke a major resistance of $44,100 reaching $47,700. This fueled up the altcoin rally, where-in the assets like Axie Infinity, Chainlink, Cosmos, and Polkadot showcase the strong potential of a massive rally in Q4. 

Axie Infinity Price Hits New ATH!

Followed by the announcement of its staking program, Axie Infinity became the first altcoin to initiate the bull run surged by 48.63% in the last 24 hours. Coinmarketcap chart shows that since retesting at a low of $52.2 on September 21, the AXS price surged by 140% higher to hit new ATH at $119.92 on 2nd October 2021. Axie Infinity’s trading volume increased from $421 million to $1.95 billion

As the altcoin season is on the horizon, the asset is expected to continue the bull rally further. The next support level for the asset lies between $65 to $75 if it fails to hold the present resistance.

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Additionally, According to Crypto analyst Elliot Wainman, Axie Infinity can further drive other gaming platforms such as UFO gamingYield Guild, and other Play-to-Earn tokens. He suggested choosing the altcoins with a low market cap to have more profits once they begin the bull run.

These Altcoins to Follow Axie Infinity in the Quarter 4!

Chainlink, Cosmos, and Polkadot also showcase strong potential to follow the path of Axie. According to the popular crypto analyst, Michael Van De Poppe the above three assets can reach  $100 in the present quarter. 

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Chainlink producing a decisive close at $23.34, seems to have confirmed the bullish momentum. As the Link price surged by 8.39% in the last 24-hours reaching $26.03 at the press time. The next resistance level for the asset lies near $31, breaking out could result in a massive price surge. 

ATOM price breaking at $33.67 recently surged to $38.19 with a 5.55% gain in the last 24 hours. The altcoin has an immediate resistance level near $42.79, breakout could result in forming a new ATH. In failing to hold the current support level, the asset may fall well below $30.

DOT price recently encountered a major resistance at $26.33. With a gain of 9.30% in the last 24 hours, the altcoin is trading at $32.06 at the press time. The next resistance level lies at $37.38 breaking out could result in a price surge up to $50. On the contrary, if it fails to do so it may sit at a support level of around $26.

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Terra (LUNA)

Terra completes network update, bridging LUNA with Cosmos, Solana, and Polkadot

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  • Terra’s upgrade to Columbus 5 is on, expected to bring more scalability and features for projects. 
  • Columbus 5 is Terra’s most significant one yet since it introduces a new “burn” policy. 
  • The wormhole, or the bridge between Terra to Solana projects, goes live with Columbus 5. 

The Terra ecosystem undergoes major changes with the arrival of Columbus 5. The upgrade brings a slew of developments and features to the protocol. 

Columbus 5 is here, Wormhole and Burn policy to be live soon

Terra’s most significant upgrade yet has been set in motion at 3:30 AM GMT on September 30, 2021. The upgrade is bringing three critical changes to Terra. There is a planned upgrade to Stargate, integration of IBC protocol, Ozone, Wormhole and a new burn policy. 

These changes are expected to influence the growth of the ecosystem positively. 

The most-awaited addition is the ‘Burn policy’. Traders and speculators have awaited the implementation of burn in LUNA.

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Proponents expect this new policy to have a similar impact on LUNA as it did on the Ethereum ecosystem, pulling tokens out of the circulating supply by burning them. Furthermore, it is expected to have a positive impact on LUNA price by creating scarcity across exchanges. 

LUNA has offered relatively higher risk-adjusted returns than most other cryptocurrencies over the past two weeks in anticipation of Columbus 5 launch. Analysts have compared the altcoin to Solana before its explosive rally. 

Mike Novogratz, CEO of Galaxy Investment partners, is enthusiastic on the arrival of Columbus,

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Stargate will enable integration with the Inter Blockchain Communication protocol to facilitate more interchain use cases. As of now, Terra has 8 live protocols, and the number is expected to multiply in the future with Stargate.

UST is expected to emerge as a preferred stablecoin for decentralized applications. 

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Ryan Watkins, a senior research analyst at Messari Crypto, believes that UST growth will accelerate beyond $2.5 billion in circulation. 

The introduction of Wormhole and Ozone provides insurance to projects built by Terraform Labs and bridges projects on Terra to Solana. When UST moves between both networks, analysts expect further integration and collaboration between projects on both blockchain networks. 

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The launch of the wormhole triggered an explosive rally in Solana. It is therefore considered as a key factor that is likely to drive LUNA demand and utility higher. 

The team behind Terra will share further updates once the upgrade is complete. Until then, they recommend no interaction with the Terra blockchain. 

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Jay Jaboneta, managing director of DLSL Nexus, expects over 50 protocols to go live on Terra in the following months. Jaboneta tweeted,

Jay Jaboneta, managing director of DLSL Nexus, expects over 50 protocols to go live on Terra in the following months. Jaboneta tweeted,

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Cosmos

Cosmos Price Analysis: ATOM slowly retraces from $42, prepares for another push higher?

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  • Cosmos price analysis is bearish today.
  • ATOM/USD retraces from $42 today.
  • Closest support at $36.

Cosmos price analysis is bearish today as a lower high was set yesterday as bulls failed to sustain momentum. Therefore, we expect ATOM/USD to retrace and retest $36 support next.

Cosmos Price Analysis: ATOM slowly retraces from $42, prepares for another push higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin is up by 0.84 percent, while Ethereum has declined by 2.62 percent. Meanwhile, Solana (SOL) continues to be among the best performers, with several other altcoins following close by.

Cosmos price movement in the last 24 hours: Cosmos tests $42 again

ATOM/USD traded in a range of $38.24 – $41.65, indicating strong volatility over the last 24 hours. Total trading volume has declined by 17.93 percent and totals $1.38 billion, while the total market cap trades around $8.56 billion, ranking the coin in 20th place overall.

ATOM/USD 4-hour chart: ATOM set to retrace today?

On the 4-hour chart, we see the Cosmos price action declining today as bears lacked the momentum to push above $42.

Cosmos Price Analysis: ATOM retraces from $42, prepares for another push higher?
ATOM/USD 4-hour chart. Source: TradingView

Cosmos price action has traded with a strong bullish momentum this month. After a quick spike lower on the 7th of September, support was found around $18, and the market has moved higher since.

On the 20th of September, a new swing high was set around $44.5 after several days of strong upwards pressure. However, bulls were exhausted, and a reversal of 35 percent followed to the $29 mark.

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Late last week, ATOM/USD rallied again and retested the previous major swing high. Any further upside was rejected again, resulting in a consolidation formed above $36 support, leading to the current failed test of $42 resistance and a minor retracement earlier today.

Cosmos Price Analysis: Conclusion 

Cosmos price analysis is bearish as the $42 mark rejected further upside overnight, and the market has declined so far today. Therefore, we expect further downside for ATOM/USD, with the $36 previous support likely to be retested again. 

While waiting for Cosmos to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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