Can Cosmos [ATOM] continue its impressive price resilience in the long run
With tokens licking their wounds and healing from the unexpected bloodbath witnessed in May, some tokens haven’t exactly followed the “slow and steady” path to recovery. One such token is ATOM, and the token witnessed a huge spike in its price in the past 24 hours. The sudden spike accounted for a frantic yet rewarding couple of hours for the Cosmos blockchain.
Despite an impressive 24 hours for the token, can ATOM hold the walls of its fort and strengthen itself? Can one earthquake shatter its boundaries, leaving the token exposed all over again?
Let’s see what the metrics have to say…
At the time of writing, ATOM stood at $11.11 due to the token’s bull run on 20 May. The bulls ticked the prices upwards to $12 but the token eventually settled at $11.11. This positive price movement has been a huge relief for many in the Cosmos ecosystem, especially after the Terra collapse.
The volume of the token was also up by leaps and bounds since the 100% hike witnessed on 20 May. The volume stood at $545 million with a slight dip that followed the hike at the time of writing. Upon further observation, it was found that this is still 1/3rd of the volume at the peak of the crash. On 12 May, the volume on Cosmos tipped $1.59 billion which had been tipping ever since before the spike witnessed on 20 May.
Source: CoinMarketCap
The Terra crash is considered as one of the biggest crypto crashes to date with approximately $40 billion capitulation across the market. Many major cryptos were largely affected throughout the collapse and ATOM too, fell below $10. This was a very important price barrier for investors who have been very active on the network recently.
Furthermore, Cosmos founder, Ethan Buchman also pointed out that “Terra put Cosmos
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