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Can this Cosmos Development Push ATOM Towards a Bullish 2023

When compared to other cryptocurrencies, $OSMO’s social performance fared better than others since it represents the biggest DEX on Cosmos. According to LunarCrush, a provider of social media analytics, this cryptocurrency is now positioned third in AltRank.

As a social movement, $OSMO has made tremendous strides. LunarCrush reports a 97% spike in social mentions and a 212% rise in social interactions over the last week. Osmosis’s popularity might eventually boost interest in the Cosmos ecosystem, which would benefit the development of Cosmos Hub.

Even though the Cosmos ecosystem has been receiving a lot of press, public opinion has not changed favorably about the coin. The graph below shows that the cumulative weighted sentiment for Cosmos Hub has been consistently unfavorable over the last several months.

It seems that there were more complaints than compliments concerning Cosmos Hub within the crypto community.

Despite the widespread disapproval, Comos’ TVL was relatively unaffected. The following graph shows that after November 22nd, Comos Hub’s TVL began to rise. Since then, the TVL of Cosmos has been quite stable.

As of this writing, DefiLlama estimated Cosmos’ TVL to be $398,000.

While the TVL did not suffer the same kind of loss, the ATOM saw a significant drop in value. On 6 November, ATOM’s price hit resistance at $15.64, and it has since fallen to test the level of support at $9.39. The price of ATOM has been bouncing around between $10.57 and $9.60 ever since.

In addition, the RSI reading of 38.92 suggested that selling pressure was predominant at the time of the report’s creation. Additionally, the Chaikin Money Flow (CMF) was at -0.15, suggesting a negative forecast for ATOM.

The past month has seen a dramatic drop in ATOM’s volume. In the last month, it has dropped from 282 million to 103.7 million. The pace of its growth, though, has picked up during the last two weeks.

As a result, it was clear that the development team had been actively updating the Cosmos GitHub repository. This may also suggest that further improvements and updates to ATOM are on the way.

As of this writing, ATOM was trading at $9.60, down 13% in 30 days, and no longer commanding a majority share of the market.

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