10 September 2020 | ZebPay Trade desk
At Zebpay, we recently launched the Cosmos Atom token. We have also relaunched active trading of OMG on 4 September 2020. We believe that the Tendermint infrastructure used to build the COSMOS blockchain has the potential to make ATOM a key player in the market.
The COSMOS – ATOM Fundamentals
Cosmos is a network of parallel independent block-chains, all powered by BFT consensus algorithms. It enables an ecosystem that can scale and integrate block-chains, through zones and provide a highly efficient, consistent and secure infrastructure to transact.
| Market Capitalization | $ 1,013,382,965 |
| Current Price | $ 5.00 |
| Avg. Daily Volume | $ 318,911,092 |
| 7 Day High/Low | $ 8.23 / $ 6.54 |
| ROI (from ICO Price) | 560 % |
| Script in Circulation | 202,790,544 |
Cosmos’ vision is to make it easy for developers to build blockchains and break the barriers between blockchains by allowing them to transact with each other.
The project identifies three core areas of improvement for the present-day blockchain ecosystem:
- Scalability: Proof-of-Work protocols are slow, expensive and difficult to scale up. DApps built on top of Ethereum are inhibited by a shared rate of 15 transactions per second.
- Usability: Blockchain applications are complex and difficult to understand for developers.
- Interoperability: Blockchain economies operate in isolation and cannot transfer assets between each other.
Cosmos ATOM is currently the only trading token on the Cosmos Hub. Cosmos has a total supply of 236,928,231 ATOMS . Daily, approximately $40 million Cosmos Atom tokens are traded, with a peak price of $8.86 on August 25, 2020. ATOM is the native cryptocurrency token of the Cosmos Network.
As of today, there is no cap on the number of ATOM that will be released. Since launch, and despite its limited upgrades, the ATOM token remains the 18th largest token by market cap, highlighting the community’s belief in the project. ATOM can easily be bought, as it is already listed on several big exchanges.
The OMG – OmiseGO Fundamentals
OMG (OmiseGo) is built on the Ethereum blockchain. Users can transfer coins from one blockchain to another without employing a transitional exchange. Moreover, funds can be transferred between blockchains and traditional payment providers like VISA and SWIFT.
OMG Network seeks to make transactions between blockchain ecosystems faster and cheaper by creating a value transfer layer on top of the Ethereum network that bundles transactions together.
| Market Capitalization | $ 508,301,275 |
| Current Price | $3.62 |
| Avg. Daily Volume | $ 238,351,756 |
| 7 Day High/Low | $5.81 / $4.14 |
| ROI (from ICO Price) | 598 % |
| Script in Circulation | 140,245,398 |
OMG Network seeks to solve one of the basic problems crypto was designed to solve: value transfer – by creating a value transfer layer on top of the Ethereum network that bundles transactions together. Transactions are sent in batches. The plasma network enables much faster transaction processing at a fraction of the cost. OMG tokens has a total supply of 140,245,398 scripts. Daily, approximately $35 million worth of OMG is traded, with a peak price of $28.35 on January 08, 2018. The OMG token remains the 33rd largest token by market cap. Plasma scales Ethereum from the usual 14 transactions per second to thousands of transactions per second by compressing them into bundles. The OMG Network costs three times less than on Ethereum and long-time users have confirmed this.
Because plasma reduces the gas fees for transactions, it also reduces the amount of electricity required. OMG Network claims it could reduce electricity consumption as much as 99%. Critics of proof-of-work and other CPU-based protocols often point to the amount of electricity consumed. Burning fossil fuels to power cryptocurrency does seem like a contradiction. Greater transaction efficiency can also be good for the planet. Crypto enthusiasts who care about climate change are fans of the electricity savings of OMG. This is what the OMG Network is aiming to offer: lower costs, faster transaction processing, and a better carbon footprint.
Technical Analysis:
Bitcoin :
At the time of writing, Bitcoin was trading around $10,270 reflecting a gain of approximately 0.7% over a period of 24-hours.
As we see in the chart above, the Bitcoin bulls have been defending the clinical level of $10,000 and thus, the biggest asset by market capitalization has been trading in the tight range just above the 10k mark.
The ascending bullish pattern hasn’t been negated yet and BTC shall find strong support around $9,750 followed by $8,850 levels. On the upper side, BTC finds small resistance at $10,600 above which it will find ease in picking the prices up again. The falling EMA crossover provides a reason to worry but should be negated with price maintaining above critical levels.
The Fibonacci immediate retracements also finds its place between the $10,300-$9000 mark indicating strong support in the region. BTC is still strong after a healthy correction and the analysis will be negated if prices fall below $9,750 in a short time frame. Technical standpoint remains as “Buy on Dips” till the support levels mentioned above are not broken.
COSMOS:
At the time of writing, ATOM was trading around $5.27 reflecting a gain of approximately 1.33% over a period of 24-hours.
COSMOS after the recent bullish run of a spell bounding 400% return over the period of July-September, is seeing a steep fall since a week.
Following the fall, the defi asset has been trading in a tight range between the ascending triangle with resistance and supports both falling very close to the current price range.
The asset finds subtle strength at current levels and an EMA cross over above $5.70 might take the asset back to $6.45 and $6.87 levels. On the lower side, Atom finds support around $5 and $4.75 with the immediate higher high patterns and also, it is finding support at 50% Fibonacci retracements level for the bullish run range it had from $2.29 to $8.9.
Conclusion : The asset will take action above the critical level of $5.70 or below $4.75 as immediate support. Immediate support gives indication to take position on dips and the analysis will be negated if price falls below $4.75.
Price Analysis:
| USD ($) | 31 Aug 2020 | 07 Sept 2020 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $10,257 | $10,128 | -1.26% | $12,086 | $9,813 | $10,315 | $10,051 |
| ETH | $352 | $343 | -2.56% | $488 | $310 | $358 | $338 |
| BAT | $0.258 | $0.250 | -3.10% | $0.357 | $0.225 | $0.262 | $0.249 |
| ATOM | $5.17 | $4.88 | -5.61% | $7.82 | $4.46 | $5.25 | $4.84 |
| OMG | $3.31 | $3.11 | -6.04% | $4.69 | $2.79 | $3.34 | $3.06 |
Volume Analysis:
| Cryptocurrency | 1w (31/08-07/09) – % Vol. Change (Global) |
| BitCoin (BTC) | -2.94% |
| Ethereum (ETH) | -5.29% |
| Basic Attention Token (BAT) | -2.93% |
| Cosmos (ATOM) | -1.72% |
| OmiseGO (OMG) | -9.39% |
Weekly Price Pointers:
| Resistance 1 | $11,450 | $448 | $0.284 | $6.24 | $5.08 |
| Resistance 2 | $10,600 | $408 | $0.267 | $5.70 | $4.48 |
| USD | BTC | ETH | BAT | ATOM | OMG |
| Support 1 | $9,750 | $332 | $0.241 | $5.03 | $3.42 |
| Support 2 | $8,850 | $415 | $0.225 | $4.74 | $2.68 |
Happy Trading with ZebPay!
You can also register, and sign up on our website, to start trading COSMOS ATOM, OMG and many more currencies online.
Market Updates:
- U.K. FCA grants e-money license to Crypto-Friendly challenger Bank.
- U.S. dollar strength combines with a decision on monetary policy in Europe as a backdrop to fresh fear among Bitcoin investors.
- Ziglu launches peer-to-peer payments after getting UK e-money licence
- Despite significant volatility of the crypto market amidst COVID-19’s economic impacts, 2020 has shown significant progress regarding the crypto ecosystem and its infrastructure and regulation.
- Microsoft warns digital currency owners to be aware of new malware.
References:
- https://coinmarketcap.com/currencies/cosmos/
- https://coinmarketcap.com/currencies/omg/
- https://zebpay.com/what-is-cosmos/
- https://zebpay.com/omg-cheaper-faster-greener-transactions-between-blockchains/
- https://cryptowat.ch/charts/COINBASE-PRO:ATOM-USD
- https://cryptowat.ch/charts/COINBASE-PRO:OMG-USD
Disclaimer : This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
