Cosmos: the price of ATOM rises by 25%
Cosmos: the price of ATOM rises by 25%
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Cosmos: the price of ATOM rises by 25%

By Federico Izzi - 10 Aug 2020

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Among the top 20 cryptocurrencies per market cap, the best today is Cosmos (ATOM), the price of which rises by more than 25%, regaining the 20th position among the major capitalized.

The project, born in 2017 with the aim of seizing some of the dominance of the Ethereum blockchain, in recent months has been at the centre of internal feuds within the founding team, weighing in on the mid-March downturn with the price of the token reaching about $1. 

ATOM 20200810

The rise of the last few weeks sees the return of ATOM’s prices close to $6, above the previous January highs and bringing back the possibility of attacking the absolute historical highs at $7.25 set in June 2019. 

Those doing the best are Ankr (ANKR) with +70%, entering for the first time among the top 100, and Band Protocol (BAND) with + 50%. 

BAND 20200810

For the latter, the month of August is glorifying the work of the team in recent months with an increase of over 300% in less than 10 days, confirming increasing interest in the supply of decentralized oracles used for the execution of smart contracts in the DeFi sector.

Band Protocol is in direct competition with Chainlink (LINK) which, with today’s increase of 7% and more than $4.7 billion of capitalization, exceeds Bitcoin SV, reaching the 6th position in the ranking.

Sunday’s closures confirmed the third consecutive week upward. It was from January 2018 that Bitcoin did not end the week over $11,500, whereas for Ethereum it was since the first week of August 2018 that there was no candle with closures over $390

These technical conditions provide positive signals for the algorithms and feed the mood of investors that goes back to the levels of the summer of last year.

coin360 20200810
Source: COIN360.com

The day that opens the week of mid-August, statistically the hottest week of the year, begins with a clear prevalence of bullish signs with over 75% of cryptocurrency in positive territory. 

The rises of the last few hours raise the Market Cap above $363 billion, the highest level since May 2018. Bitcoin’s dominance is back at a pace of 60%. The strength of the other altcoins also weakens the market share of Ethereum that returns just above 12%, and XRP that returns below 4%.

DeFiPulse 20200810

The new record of TVL (Total Value Locked) in dollars is no longer surprising, exceeding $4.7 billion

This is due both to the strengthening of Ethereum’s prices, back to $400 in the last few hours, and new DAI issued in the last 24 hours. 

The total supply of DAI exceeds $237 million, an absolute new record. The new records of the DAI stablecoin issued by Maker DAO with over $1.42 billion, strengthen the first position in the ranking, the highest level ever for liquidity locked by a DeFi application.

BTCUSD 20200810
Bitcoin chart by Tradingview

Bitcoin (BTC)

The rise of the last few hours with prices back to $12,000, causes great manoeuvres among professionals in options that raise the barriers between $12,300 and $12,850. These are the levels to surpass in case of rises. 

For this reason, it will be necessary to record an increase in purchasing volumes that, at the moment, are not accompanying the climb. The operators are shifting the coverage from downward, until yesterday remained in the 9,000 dollar area, to upward with a ratio that sees the strength of the Call positions become greater than the Put ones, a condition that has not been recorded since the end of July. 

BTCEUR 20200810

Technically, the bullish signal is also recorded with the Euro exchange rate that rises above 10,200 points, one step from the top recorded on August 2nd, as well as the highest level in the last 12 months. 

These are crucial hours to understand whether the bullish run still has gas or whether a break is preferable to build a good support base before launching the next attack.

ETH 20200810
Ethereum chart by Tradingview

Ethereum (ETH)

The generalized bullish phase supports Ether’s return above $400. The increase, however, is not supported by purchasing volumes, a necessary condition to provide a real signal of strength. 

Unlike last week, where large downward margins were retained, option traders are raising their hedging to protect against the $350 to $300 markdown. On the rise, the $410 to $415 protection is confirmed, while the resistance protection at $430 is strengthened. The latter level coincides with the technical level of former downside support from July 2018.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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