Cosmos’s native token ATOM has emerged as the top performer in the cryptocurrency market, with its price surging by nearly 10% in the past 24 hours. 

This uptick in ATOM’s price has been accompanied by a significant increase in open interest, which has reached its highest level since June. However, the question remains: how sustainable is this uptrend?

Cosmos Is the Talk Of the Town

ATOM trades at $4.86, noting a 9% rally over the past 24 hours. Its trading volume during that period has also skyrocketed, reaching a two-month high of $228 million.

When high volume accompanies an asset’s price rally, it indicates strong buying interest from many participants. This suggests that the price movement is supported by broad market activity, making it more sustainable. It’s not merely a short-term fluctuation driven by a small group of traders.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Additionally, ATOM’s rising Relative Strength Index (RSI) confirms the high demand for the altcoin. As of this writing, it is at 62.47 and in an upward trend. 

This indicator tracks an asset’s overbought and oversold market conditions. RSI readings between 50 and 70 generally suggest that the asset is gaining strength, with buying pressure outweighing selling pressure. In this case, the RSI of 62.47 shows that ATOM  has bullish momentum but has not reached extreme levels; therefore, there is still room for its price to grow.

Furthermore,
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Author: Abiodun Oladokun