Osmosis, a DEX on Cosmos Hub is witnessing tremendous growth in the social field
Despite this, ATOM’s prices and sentiment against Cosmos Hub continued to fall

$OSMO, the token for the largest DEX on Cosmos, outperformed many other cryptocurrencies on a social level. The token ranked third in terms of AltRank according to the social analytics firm Lunar Crush.

Read Cosmos’ [ATOM] Price prediction 2023-2024

All the ATOM hype

$OSMO has managed to show huge improvements in the social field. According to data from Lunar Crushgrew social mentions by 97% and social engagement by 212% in the past week. The attention drawn by Osmosis can draw attention to the Cosmos ecosystem and help Cosmos hub to grow.

However, despite the focus on the Cosmos ecosystem, sentiment against the cryptocurrency remained negative. As shown in the image below, weighted sentiment for Cosmos Hub has remained negative over the past few months.

This indicated that the crypto community had more negative things to say than positive things Cosmos hub.

Source: Sentiment

This negative sentiment did not greatly affect Comos’ total value locked (TVL). As shown in the chart below, Comos Hub’s TVL witnessed a rebound after November 22. Since then, the Cosmos TVL hasn’t seen too much volatility.

At the time of writing, Cosmos’ TVL stood at $398,000 according to Defillama.

Source: Defi Lama

While the TVL didn’t fall that much, ATOM witnessed a huge price drop. After testing resistance at $15.64 on Nov. 6, ATOM’The price fell significantly until it tested the 9.39 support level. Since then, ATOM’s price has fluctuated between $10.57 and $9.60.

In addition, the Relative Strength Index (RSI) was at 38.92, indicating that momentum was with the sellers at the time of writing. The Chaikin Money Flow (CMF) stood at -0.15, also implying a bearish outlook for ATOM in the near future.

Source: Trade View

A long road ahead

ATOM’s volume has plummeted over the past month. It fell from 282 million to 103.7 million last month. However, development activity has increased in the past two weeks.

This indicated that the development team had made several contributions to Cosmos’ GitHub. This could also mean that new upgrades and updates for ATOM are on the horizon.

Source: Sentiment

At the time of writing, ATOM was trading at $9.60 and its market cap dominance had dropped 13% in the last 30 days.



This post Could this cosmic development push ATOM to a bullish 2023?

was published first on https://ambcrypto.com/can-this-cosmos-development-push-atom-towards-a-bullish-2023/

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