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February 26, 2023
While on an 8 day downtrend Today is looking a bit better: without a clear-cut direction, Cosmos Atom is trading around $12.92 and ranging between $12.78 and $13.
Concerning technical analysis and more specifically, trend indicators, 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. Analysis based on the asset volatility indicates that Cosmos Atom's upper Bollinger Band® is at $15 and the lower is $12.52. Visual analysis of Cosmos Atom's chart shows that Cosmos Atom is approaching key support, around 22 cents away from $12.7. 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.
Overall, the technical outlook suggests Cosmos Atom is likely to remain muted for the immediate future, with no clear-cut direction.
At the same time, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. TRON gained 2% and is now trading at $0.069.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC. United States Pending Home Sales expected to decline to 1% while its preceding data was 2.5%, data will be available tomorrow at 15:00 UTC.
Registering some good gains for about 2 months now. Cosmos Atom has managed to gain 37.12% so far this year despite trading at lows around $6.07 previously.
