- Cosmos price has jumped by over 87% from the YTD low.
- Osmosis, a leading player in the ecosystem is rising.
- The company will merge with Umee, a decentralized lending protocol.
Cosmos ATOM price has done well in a relatively difficult week for the cryptocurrency market. The token jumped to a high of $12.42 on Tuesday, its highest point since April 2023. It has risen by more than 87% from its lowest point this year.
Osmosis token rally
The main reason why ATOM price has jumped is Osmosis, one of the biggest players in the ecosystem. OSMO, its token has soared to over $1 and is sitting at its highest point since July. It has jumped by more than 380% from its lowest point in 2023.
Osmosis has done well after it unveiled a plan to merge with Umee, another Cosmos network with over $17 million in assets. Osmosis has over $142 million in assets, according to data compiled by DeFi Llama. It has also handled over $64 million worth of tokens in the past 24 hours.
As part of the merge, Osmosis, which is a decentralized trading platform, will get Umee’s lending features, which will help it grow its ecosystem. The other features will be the ability to apply mesh security, shared security mechanisms, and new tokenized features.
Therefore, the merge will create a DeFi hub, a platform with both trading and lending features.
Other parts of the Cosmos ecosystem are doing well. For example, THORChain has grown to become one of the biggest decentralized exchanges (DEX) in the world. It has over $915 million in total value locked (TVL) and over $336 million in available liquidity.
The total validator bond has jumped to more than $578 million while the number of unique swappers has reached 88.8k.
Additionally, the Interblockchain Communication Protocol (IBC) has reached over $30 billion in secured assets across over 100 chains. Other recent addition in Cosmos are Namada, a layer-1 network with advanced interchain privacy features.
Read more: How to buy Cosmos ATOM.
Cosmos ATOM price forecast
The daily chart shows that the ATOM price has been in a strong bullish trend in the past few weeks. Now, the token has formed a golden cross as the 50-day and 200-day Exponential Moving Averages (EMA) have crossed each other. In technical analysis, this cross is one of the most popular bullish patterns.
ATOM’s oscillators like the Relative Strength Index (RSI) and the MACD have continued soaring. Therefore, the outlook for Cosmos is bullish, with target to watch being at $15.45, the highest point on February 8th. This target is about 36% above the current level.
