Up or down? Cosmos (ATOM) price prediction for November

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the outdoors, enjoys… read more.
on Nov 14, 2020
  • Cosmos enables blockchains to transfer value with each other
  • There is still a level of uncertainty surrounding the Cosmos project
  • If the price jumps above $6 the next target could be located at $7 or even $8

Cosmos (ATOM) price has weakened from $8.7 below $4 in less than three months and the current price stands around $5. There is still a level of uncertainty surrounding the Cosmos project but if the price jumps again above $6 the next target could be located at $7 or even $8.

Fundamental analysis: There is still a level of uncertainty

Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms. Before Cosmos, blockchains were siloed and unable to communicate with each other and Cosmos solves these problems with its technical vision.

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Cosmos enables blockchains to transfer value with each other through IBC and Peg-Zones, while letting them retain their sovereignty. The main goal of Cosmos is to tackle the lack of interoperability in the market and it is important to say that ATOM is the native cryptocurrency of the Cosmos network.

It is important to mention that one of the main developers of the Cosmos blockchain, accused Cosmos’s founder and CEO Jae Kwon of evading his responsibility to the project. “What Jae is doing isn’t decentralization, it’s a transparent attempt to evade responsibility for Jae’s neglect and negligence to the Cosmos project,” said Tendermint Director Zaki Manian in a Twitter thread.

There is still a level of uncertainty surrounding this project but Cosmos (ATOM) is one of the cryptocurrencies which you should definitely not ignore. We can also not forget that regulations on the cryptocurrency market can actually be a threat to this cryptocurrency.

Investors in Cosmos should have in mind that this is a still very risky cryptocurrency but now could be a good moment to trade Cosmos (ATOM).

Technical analysis: Bulls are focused on breaking the resistance level at $6

Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are $5 and $4.5 and $4, $6, $7 and $8 represent the resistance levels. If the price jumps above $6 it would be a “buy” signal and we have the open way to $7.

Rising above $8 supports the continuation of the bullish trend for Cosmos (ATOM) and the next price target could be located around $9. On the other side, if the price falls below $4.5 it would be a strong “sell” signal and we have the open way to $4.

Summary

Cosmos (ATOM) price has weakened from $8.7 below $4 in less than three months and the current price stands around $5. There is still a level of uncertainty surrounding this project but Cosmos (ATOM) is one of the cryptocurrencies which you should definitely not ignore. If the price jumps above $6 the next target could be located at $7 or even $8.

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