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April 11, 2023Cosmos Atom went up to $11.4 only to drop back some of the way and is now trading at $11.27.
Cosmos Atom is currently trading at $11.27 following the release of EIA Short-Term Energy Outlook data from the United States.
At the same time, United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of 377,000, while the previous figure was -4.35 million. United States 3-Year Note Auction released today at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
Following today's trading session, chart analysis suggests Cosmos USD reversed direction at $11.4 resistance zone and retreated back 13 cents below it. Trend-focused traders would be interested to note that Cosmos Atom made an initial breakout above its 21 day Simple Moving Average at $11.25, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $11.53, thereby suggesting that Cosmos Atom is becoming overvalued.
Overall, the technical outlook suggests Cosmos Atom is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as Solana is up 10.73%. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Bitcoin is up 1.88%.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -583,000, having previously been at -3.74 million. The figure will be published tomorrow at 14:30 UTC.
Elsewhere, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.
Cosmos Atom has fallen back around 54.69% from the significant high of $24.7 set 11 months ago.
