ATOM is one of the best performers amongst the top 30 cryptocurrencies by market cap today.&
ATOM, the native token of the Cosmos ecosystem, is one of the best performers amongst the top 30 cryptocurrencies by market cap today. The coin has added more than 12% to its value today, outperforming the broader crypto market.&
The cryptocurrency market is slowly recovering today, following a slow start to the week. After losing more than 3% of its value yesterday, the crypto market is up by nearly 2% so far today.&
The positive performance has pushed the total cryptocurrency market cap above the $1 trillion mark again.
Bitcoin remains above the $21k level and could rally higher today after adding more than 1% to its value. Ether is trading above $1,600 after depending its price above the $1,500 psychological level yesterday.&
However, ATOM is the second-best performer amongst the top 30 cryptocurrencies by market cap (only behind Bitcoin Cash).
There is no catalyst behind ATOM’s ongoing rally as it could be only a recovery from its recent price crash. Despite adding more than 12% to its value today, ATOM is down by 1% in the last seven days.
Key levels to watch
The ATOM/USD 4-hour chart has turned bullish as Cosmos has been performing well over the past 24 hours.&
The MACD line crossed into the positive zone a few hours ago, indicating that ATOM is no longer bearish.
The 14-day relative strength index of 60 shows that ATOM could enter the overbought region if the positive momentum continues.&
At press time, ATOM is trading at $11.52. If the positive momentum continues, ATOM could move past the first major resistance level at $12.271 before the end of the day.&
However, ATOM would need the support of the broader market to reach the $13.60 mark for the first time since May.
The post Why is ATOM up by more than 12% in the last 24 hours? appeared first on CoinJournal.
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