Cosmos ATOM forms C&H as Cosmoverse events gets underway

Cosmos (ATOM) price continued its bullish trend as traders waited for the upcoming Cosmoverse event. The token jumped to a high of $7.663 on Monday, the highest level since September 19th. It has jumped by more than 18% from its lowest level in September, giving it a market cap of more than $2.7 billion.

Cosmoverse event underway

Cosmos is one of the biggest cryptocurrencies in the world, powering some of the biggest platforms in the industry. Some of the top networks in the ecosystem are Cronos, Kava, ThorChain, Osmosis, and Kujira.

The biggest Cosmos news of the week will be the ongoing Cosmoverse event happening in Istanbul, Turkey. This is an important event that brings some of the biggest platforms in the industry like AADAO, Osmosis, Stride Labs, and Terraforms Labs among others.

One of the biggest potential news to watch will come from dYdX, one of the biggest players in the decentralized finance (DeFi) industries. dYdX handles billions of dollars in cryptocurrencies every day.

In 2022, the company announced that it was moving to its own chain on the Cosmos ecosystem. Therefore, there is a likelihood that the company will deliver an announcement during this event.

Cosmos ATOM price also rose after the Inter-Blockchain Communication Protocol (IBC) landed to the BNB Chain, the network started by Binance.

Meanwhile, Cosmos is also rising as other cryptocurrencies continue rebounding. Bitcoin jumped to over $28,000, the highest level in more than a month. It has soared by more than $3,000 from the lowest level in September after the US avoided a government shutdown.

Further, Cosmos’ open interest jumped by more than 11.95% in the past 24 hours to over $86 million, the highest point since August 15th.

Cosmos ATOM price forecast

ATOM chart by TradingView

The 4H chart shows that the Cosmos crypto price has been bullish in the past few weeks. It has risen above the 25-period and 50-period exponential moving averages (EMA) while the Relative Strength Index (RSI) is nearing the overbought level.

ATOM price has formed what looks like a cup and handle pattern, which is usually a bullish sign. In price action analysis, this is one of the most bullish signs in the market. Therefore, there is a likelihood that the token will continue rising as buyers target the psychological level at $8, ~7.25% from the current level.

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