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Development Activity for Cosmos Is Notably High: Santiment


coinedition.com 24 November 2022 18:21, UTC
Reading time: ~2 m

A tweet made today by the blockchain analysis firm, Santiment, shows that development activity for Cosmos (ATOM) projects on Github has been getting notably high.

Development activity for large crypto ecosystems (Source: Santiment)

Looking at the chart above, the Cosmos (ATOM) ecosystem is comfortably in the lead when compared to the Ethereum (ETH), Polkadot (DOT), Solana (SOL), and Binance Coin (BNB) ecosystems.

Earlier this year, ETH was in the lead due to the launch of the Merge upgrade and all of the development that went into the upgrade. Since then, however, the average development activity for the ETH ecosystem has fallen slightly but still remains in second place.

DOT has the 3rd highest average development activity at the moment. Meanwhile, BNB and SOL are number 4 and 5 on the list respectively.

In related news, the price of ATOM is now trading at $10.04 following a 1.71% increase over the last 24 hours, according to CoinMarketCap. Its price has also strengthened against Bitcoin (BTC) by 0.61% and has weakened against Ethereum (ETH) by 1.67%.

4 hour chart for ATOM/USDT (Source: CoinMarketCap)

The price of ATOM has crossed above the 4-hour 9 and 20 EMA lines to flip them into support over the last 36 hours. ATOM’s price is now looking to challenge the 4-hour resistance at $10.1. The relative positions of the 4-hour 9 and 20 EMA lines suggest that there is bullish momentum present on the altcoin’s 4-hour chart.

However, the 4-hour RSI line is a concern that may invalidate the bullish thesis, as the RSI line is positioned negatively towards the oversold territory. Nevertheless, the 4-hour RSI line is still positioned above the 4-hour RSI SMA line, which is a bullish sign.

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