Cosmos price rebounds 45% in one week despite Terra's debacle — what's next f...
ATOM's ascending triangle setup opens up the possibility for another major crash by June 2022. Cosmos (ATOM) emerges as the biggest gainer among the top cryptocurrencies this May 20, brushing aside the fears about its association with Terra (LUNA), an algorithmic stablecoin project whose market valuation fell by 99% last week.Cosmos TVL down from $10M to $155KATOM's price increased by over 10% intraday to almost $12. The gains appeared as a part of a broader upside retracement that started on May 12 when it had fallen to its eleven-month low near $8. That marked around a 45% price recovery....
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The downfall of Terra calls into question the real-world utility as well as the long-term viability of algorithmic stablecoins. The past week has been a dark period in the history of crypto, with the total market capitalization of this industry dipping as low as $1.2 trillion for the first time since July 2021. The turmoil, in large part, has been due to the real-time disintegration of Terra, a Cosmos-based protocol that powers a suite of algorithmic stablecoins.Approximately a week ago, Terra (LUNA) ranked among the 10 most valuable cryptocurrencies in the market, with a single token....
Since last week’s Terra implosion and the demise of the blockchain project’s native token LUNA — and the algorithmic stablecoin terrausd (UST) — crypto tokens based on the Cosmos ecosystem have seen significant losses. Two months ago, the top Cosmos ecosystem coins collectively were worth $61.6 billion and since then, the Cosmos economy has lost more than 75% in value, dropping to $15.2 billion.
Terra’s Fallout Stirs Cosmos Token Ecosystem
The blockchain project Terra is a Cosmos-based network, which leverages the consensus protocol Tendermint,....
Cosmos rose for a fourth consecutive session to start the weekend, as prices edged closer to a resistance point. While cosmos (ATOM) extended gains, tezos (XTZ) rebounded following a streak of recent losing sessions, with bulls seemingly buying this weeks’ dip. Cosmos (ATOM) Cosmos (ATOM) extended its recent bullish run on Saturday, as prices have now risen for four consecutive sessions. The token rose to an intraday peak of $8.33 to start the weekend, as prices have so far increased by over 12% in today’s session. This latest move saw ATOM/USD move closer to its resistance....
Cosmos (ATOM) and harmony (ONE) were some of today’s big gainers, as the global crypto market cap was up 1.23% to start the weekend. Terra (LUNA) was also higher, extending its recent gains to a sixth consecutive trading session.
Cosmos (ATOM)
Cosmos (ATOM) is currently trading over 13% higher in today’s session, climbing to its highest level since February 17.
Saturday’s rally in ATOM/USD saw prices briefly breakout of the $29.10 resistance level, hitting an intraday high of $29.36 in the process.
This surge comes as the 14-day RSI....
Terra (Luna) was one of this week’s biggest crypto losers, falling by as much as 20% during Friday’s session. Declines in terra came as cosmos (ATOM) also had a double-digit decline.
Biggest gainers
Although crypto markets were mainly trading in the red, symbol (XYM) was one of the rare exceptions to climb higher today.
XYM rose to an intraday high of $0.1728 during Friday’s session, rising from an earlier low of $0.155.
This move started when the symbol surged from its support at $0.146, an area where it has been trading around for the....