Bullish phase under threat as Cosmos Atom stays range-bound

Stable at $11.08 and still trending upwards, Today's session might suggest a slow down — Cosmos Atom trades at $11.08, after ending today at $11.15.

Uncertainty around Cosmos Atom is reflected by published market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. Fresh CFTC Gold speculative net positions data from United States came out at 195,800. United States CFTC Nasdaq 100 speculative net positions came out at 21,400.

Cosmos USD's upper Bollinger Band® is at $11.73, suggesting that a downward move may follow. In contrast, Cosmos Atom is approaching key support, around 29 cents away from $10.79. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests Cosmos Atom is positioned for a downward move in the near term.

Other markets show mixed performance as FTX Token gained 9.54% and is now trading at $1.36. UNICORN Token USD closed at $6.43 (down 2.98%).

Trading mostly sideways for a month. Cosmos Atom has shed 17.67% over the past three months.