Cosmos (ATOM) made it to the list of top inter-blockchain communication protocol projects

By Selena On Oct 20, 2022

Cosmos (ATOM) has been named one of the top inter-blockchain communication (IBC) protocol developments as of October 18. According to the available statistics, ATOM’s weekly active users outnumber all other cryptocurrencies on the list.

Top #IBC Projects by Weekly Active Users 🔥

🥇 $ATOM @cosmos
🥈 $OSMO @osmosiszone
🥉 $EVMOS @EvmosOrg $CRO @cronos_chain $LUNA @terra_money #CroFam @cryptocom $UMEE @Umee_CrossChain $SCRT @SecretNetwork $EROWAN @sifchain $MNTL @AssetMantle #IBCGang #Cosmonauts @MapOfZones pic.twitter.com/uqUus958dQ

— Cosmos Daily ⚛️ (@CosmosATOMDaily) October 18, 2022

The IBC enables separate blockchains to interact and trade assets with one another. As a result, this work brought significant value to the blockchain by demonstrating ATOM’s potential. This trend mirrored in the token’s price, which gained roughly 3% weekly. ATOM’s press time price was $12.45, with a market value of $3,564,241,363, according to CoinMarketCap.

ATOM/USD 4-hour chart | Source: TradingView

Several events in the ecosystem also served as the icing on the cake, indicating a price increase shortly. For example, the Cosmos ecosystem recently welcomed 17 new initiatives that appeared to be promising.

Aside from the changes above, ATOM’s metrics showed a positive picture for the coin. Several indicators pointed to a price increase shortly. For example, ATOM’s volume increased after posting a loss, indicating a positive indication.

ATOM’s Binance financing rate has also recently increased demand from the futures market. Not only that, but ATOM’s social volume increased, indicating ATOM’s appeal inside the crypto world.

However, not everything was going ATOM’s way, as its development activity dropped significantly, which is a negative flag because it shows less effort from engineers to improve the blockchain.

ATOM’s daily chart revealed that the bulls and the bears were fighting a battle. The Exponential Moving Average (EMA) Ribbon indicated a similar situation, with the bears having a slight edge in the market. Moreover, ATOM’s Relative Strength Index (RSI) rested below the neutral position.

Nonetheless, other market indicators were positive and suggested a price surge in the coming days. The Moving Average Convergence Divergence (MACD) displayed an attempt to make a bullish crossover. ATOM’s Chaikin Money Flow (CMF) crossed the zero line but moved sideways at press time.

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