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February 24, 2023
Cosmos Atom slides down from $13.73 to $13.07 today, losing $0.657 (4.78%).
Cosmos Atom is currently trading at $13.07 following the release of New Home Sales (Jan) data from the United States.
In contrast, positive data for Cosmos Atom reported earlier when highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million.
While price action maintains a negative bias, United States New Home Sales (Jan) came out at 670,000, while a consensus of analysts was expecting 620,000. United States Core PCE Price Index (MoM) (Jan) released today at 13:30 UTC with a figure of 0.6, while the previous figure was 0.4.
Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Concerning technical analysis and more specifically, trend indicators, Cosmos Atom made an initial break below its 50 day Simple Moving Average at $13.14, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Cosmos Atom's lower Bollinger Band® is at $12.76, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that Cosmos Atom is oscillating around the $13.67 level serving as support.
With market volatility ebbing, the current technical outlook indicates Cosmos Atom will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash is down to $131.98, losing $6.64, after closing at $138.62 in the preceding trading session. Tezos USD is down to $1.25, losing $0.092, after closing at $1.34 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token soars 9.54% to trade around $1.36.
On an upward trend for about 2 months now. Cosmos Atom has managed to gain 46.06% so far this year despite trading at lows around $6.07 previously.
