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Cosmos (ATOM/USD) price crawled back on Friday as investors remained optimistic about its future prospects. It is trading at $29, which is about 15% above the lowest level this week. The coin is still about 35% below its all-time high.
Cosmos expansion
Cosmos is one of the biggest blockchain networks in the world. The platform creates a place where multiple chains can communicate easily with each other. This is a useful thing since it is often difficult for chains like Ethereum and Binance Smart Chain to communicate with one another.
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Today, there are hundreds of cryptocurrencies in the Cosmos ecosystem. In its website, it mentioned that there are about 250 apps with a market value of over $250 billion that use its platform. They include well-known projects like Binance Coin, Crypto.com Coin, and LUNA.
In addition, Cosmos runs an SDK product that enables developers to build their decentralized applications. Some of the well-known projects built using the Cosmos SDK are Terra, Cosmos Hub, Secret, and Osmosis.
In a statement on Thursday, the developers said that there were hundreds of projects being built using its platform. Most of them are currently running their testnets before they move to the mainnet. Some of the most interesting projects running their testnets are Archway, Celestia, Trade, and Umee.
Meanwhile, the ATOM price has also risen as investors expect that the network will keep getting better in 2022. Some of the most important upgrades that will happen this year will be on interchain security, interchain accounts, and liquid staking. They also believe that the Cosmos DeFi ecosystem will continue doing well in 2022.
Cosmos price prediction
The daily chart shows that the ATOM price has struggled substantially in the past few weeks. It has crashed by more than 30% from its all-time high. A closer look shows that this drop could be part of the formation of the handle section of the cup and handle pattern.
However, the 25-day and 50-day moving averages have made a bearish crossover pattern, which is usually a bearish signal.
Therefore, the outlook of the Cosmos price is neutral with a bearish bias. More downward pressure will emerge if the coin manages to crash below the support at $25. If this happens, the next key support to watch will be at $20.
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