- Cosmos price has more than doubled in the past few months.
- This rally is part of the ongoing Bitcoin and altcoin bull run.
- Osmosis OSMO token was one of the top-performing cryptocurrencies.
Cosmos ATOM price held steady at its highest point since April 2023 as demand for the coin increased and as Osmosis (OSMO) made a breakout. The token jumped to a high of $12.40, its highest point since April 19th this year. It has soared by more than 100% from its lowest point in October.
Osmosis token spikes
Cosmos is one of the most important networks in the blockchain industry. It is a network that powers some of the best-known platforms in the industry. For example, it powers Ankr, a project that provides infrastructure like RPC to developers like Chiliz and SushiSwap.
It also powers THORChain, one of the fastest-growing multi-chain decentralized exchange (DEX) in the world. THORChain has thousands of users and has handled billions of transactions over time.
Osmosis is one of the top reasons why the Cosmos ATOM price is surging. OSMO, its token, was one of the best-performing coins on Boxing Day as it soared to a high of $1.9910, its highest point since December 2022. It has risen by more than 780% from its lowest point this year.
One of the main reasons why OSMO price is soaring is that its market share in the decentralized exchange (DEX) industry is growing. According to CoinMarketCap, the network handled over $68 million tokens in the past 24 hours, making it the 20th biggest DEX in the world. This makes it bigger than Perpetual Protocol, GMX (Arbitrum), and SushiSwap (Ethereum).
There was no major Osmosis news in the market. As such, the jump was likely a continuation of what was happening this month. Another possible reason is that this rally was just a pump, now that the market is having low volumes.
Cosmos ATOM price forecast
The daily chart shows that the ATOM price has been in a strong uptrend as it jumped from about $6 in October to over $12. It is now hovering near its highest point since April 19th. The coin remains above the 50-day and 200-day Exponential Moving Averages (EMA), which have made a bullish crossover known as a golden cross.
Further, the MACD remains above the neutral point while the Relative Strength Index (RSI) has moved above the neutral point. Therefore, the outlook for the Cosmos price is still bullish, with the next point to watch being at $13.50, its highest swing on March 14th.
