Tuesday, February 27, 2024

Osmosis Rally Intensifies With 77% Increase – Will OSMO Hit $2 This Month?

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The price movement of OSMO has demonstrated significant volatility, moving through a largely bearish trend for the most part of the year. But in the last three months, the cryptocurrency has shown signs of a strong comeback and is now entering a phase of strong recovery.

Currently, a wide range of technical indicators are available to traders, each of which presents a complex picture of the possible future paths for the OSMO price.

Together, these signals create a mosaic of information that help traders traverse the complicated environment in which they must predict and react to market movements.

Osmosis Price Explodes In The Weekly Timeframe 

Osmosis is a well-known player in the cryptocurrency ecosystem and one of the main forces shaping the market environment. Its native token, OSMO, has seen a significant increase, crossing the $1 threshold and hitting its highest worth since July.

At the time of writing, OSMO was trading at $1.46, up 14.1% in the last 24 hours, and tallied a commanding 76.3% rally in the last seven days, data from Coingecko shows.

OSMO price action in the last 24 hours. Source: Coingecko

Osmosis’s successful merger with Umee, another prominent Cosmos network with assets exceeding $17 million, is partly responsible for the company’s strong performance.

The token has experienced a remarkable rise, rising by almost 380% from its lowest point in 2023, in accordance with the merger’s plans.

Osmosis currently trading at $1.4645 territory. Chart: TradingView.com

With assets over $142 million, Osmosis holds a strong position, according to data from DeFi Llama.

Furthermore, in the last 24 hours, the platform has enabled transactions totaling more than $64 million in token value, demonstrating its significant impact and activity in the decentralized finance domain.

A number of the Cosmos ecosystem’s constituent parts are thriving. Notably, THORChain has become one of the biggest players in the world of decentralized exchanges, or DEXs, and has emerged as a major participant in this space.

OSMO seven-day price action. Source: CoinMarketCap

Will OSMO Reach $2?

With a solid total value locked (TVL) of more than $915 million and available liquidity of more than $336 million, THORChain has cemented its place as a major participant in the independent financial market.

The cumulative validator bond has risen significantly, exceeding the remarkable $578 million mark. Concurrently, the unique swapper community has expanded tremendously, to include over 88,000 members.

In a related breakthrough, the Interblockchain Communication Protocol (IBC) has secured assets worth over $30 billion spanning a vast network of more than 100 chains, demonstrating its strong functioning.

This emphasizes how crucial the protocol is to enabling smooth communication and interoperability across various blockchain ecosystems.

One notable newcomer to the Cosmos scene is Namada, a layer-1 network with cutting-edge interchain privacy capabilities. By introducing cutting-edge technologies to improve privacy and increase the capabilities of interchain communication, this introduction further improves the Cosmos ecosystem.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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