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June 11, 2023After ending today at $8.24, today Cosmos Atom dropped to its lowest point in 5 months — $8.16. It later recovered $0.082 and currently trades at $8.24.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates Cosmos Atom is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Cosmos Atom's upper Bollinger Band® is at $11.81 and the lower is $8.21. As the trading day commences, technical analysis suggests Cosmos Atom is climbing away and is now 84 cents from the $7.41 support line.
The current technical outlook indicates Cosmos Atom will continue to ebb sideways within tight ranges for the immediate future.
While Cosmos Atom is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. Cardano is trading around $0.265 (down $0.01). EOS retreats 1.49% to trade around $0.686.
On a negative trend for around 2 months. Cosmos Atom is now trading 26.17% below its 3-month high of $16.6.
