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Cosmos: the price of ATOM rises by 30%
Cosmos: the price of ATOM rises by 30%
Trading

Cosmos: the price of ATOM rises by 30%

By Federico Izzi - 24 Aug 2020

Chevron down

Scrolling through the list of the most capitalized, in order to find the first positive weekly balance it is necessary to go down to the 16th position occupied by Cosmos (ATOM) whose price recorded a closure with a gain of over 30%, followed by Basic Attention Token (BAT) +27% and Neo +21%.

The week, for the rest of the sector, ends downwards. This is the first time this has happened since the beginning of July. It is a contained decline resulting from profit-taking and not dictated by fear. 

The Fear & Greed index, in fact, remains close to the period highs, recorded on August 12th at 84 points, the highest level since June 2019.

The week just passed saw the prices of OmiseGo Network (OMG) fly above $9 for the first time since June 2018. 

It’s a 3-figure performance that raises the capitalization to over $800 million and moves to the 25th position on the charts for the first time since the launch of the token back in the summer of 2017.

coin360 20200824
Source: COIN360.com

The price of Cosmos (ATOM) among the best of the day

The last week of August opens with a prevalence of green signs, over 70% of the leading tokens are above par. 

Among the best rises of the day, besides BAT and ATOM rising more than 10% from yesterday morning’s levels, there is Aragon (ANT), which with a + 35% revisits $8, the absolute historical maximum set in January 2018.

Decentralized finance appears fearless and is currently setting new TVL records with more than $6.8 billion locked on the increasingly numerous and growing dApps

The most used collateral remains Ethereum which, with more than 4.7 million blocked units, records the highest level ever. 

DeFiPulse 20200824

The Maker project remains the first most used lending dApp with more than $1.43 billion of locked funds. This leadership is being put to the test by Aave‘s progress, which thanks to recent launches and partnerships, has risen to over $1.3 billion.

BTC 20200824
Bitcoin chart by Tradingview

Bitcoin (BTC)

Prices react to Saturday’s slide below $11,400, the lowest level in the last 10 days. 

After repositioning the hedging levels, both upwards and downwards, derivatives traders keep their hedges above $12,000, upwards, while downwards it is important not to go below $11,000 in the next few days, in order to establish a valid support level where a new bullish attack can be set. 

In spite of the slowdown of the last week, the medium-term trend remains set upward. The first true alert level remains at $9,800.

ETH 20200824
Ethereum chart by Tradingview

Ethereum (ETH)

The bullish run that has been characterizing the trend of Ethereum for over 6 months, last week pushed the price to almost 450 dollars

These prices have not been seen since July 2018. It is a climb that wipes out two years of suffering and once again brings back excitement and confidence for the queen of altcoins. 

The slowdown of the last few days at the moment does not jeopardize the uptrend which in the medium to long term remains very solid. 

Only a return below $355, an area where professional operators have raised their defences by increasing their put option contracts, will trigger the first warning signs in the short to medium term. 

In the long-term, only a return below $300 will jeopardize the trend. An area more than 25% away from current levels. 

 

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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