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April 05, 2023
Cosmos Atom went up to $11.53 only to drop back to some of the way and is now trading at $11.53.
United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.
At the same time, United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -4.35 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $12.17, thereby suggesting that Cosmos USD is becoming overvalued. Cosmos Atom could be slowing down soon; it is getting close to the resistance line and is now at $11.5, only 2 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Examining the technical analysis landscape, Cosmos Atom is likely to reverse course and start pointing downward in the short term.
Cosmos Atom shows positive signs, other assets are also on par: FTX Token added 9.54% to its value, now trading at $1.36. Ripple is up 4.07%. Litecoin moves up 2.44% to trade around $94.69.
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 -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.
Elsewhere, United States ADP Nonfarm Employment Change (Mar) scheduled to come out today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) is scheduled for today at 14:00 UTC.
Cosmos Atom has fallen back around 61.5% over the past a year, from a notable high of $29.28.
