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March 07, 2023
Having lost $2.6 over 17 days, Today is looking a bit better: Cosmos Atom is now trading at $11.97 after tracing out a steady $11.95 – $12.08 range today.
United States Fed Chair Powell testimony is next.
Uncertainty around Cosmos Atom is reflected by published market data as data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Cosmos USD is approaching key support, around 1 cents away from $11.96. 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. Cosmos Atom made an initial breakout above its 5 day Simple Moving Average at $12.13, a potential indicator of a newly emerging bullish phase. '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. Cosmos Atom's upper Bollinger Band® is at $14.72 and the lower is $11.3.
Despite muted price action in Cosmos Atom, chart analysis indicates it is positioned for a bullish run in the short term.
While Cosmos Atom is pretty flat so far today, mixed performances are seen elsewhere as FTX Token surges 9.54% to trade around $1.36. MaticNetwork USD ascends 3.09% to trade around $1.17.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories expected to decline to -308,000 while its preceding data was 1.17 million, data will be available tomorrow at 15:30 UTC. United States ADP Nonfarm Employment Change (Feb) is scheduled for tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) scheduled to come out tomorrow at 15:00 UTC.
Cosmos Atom is now trading 62.48% below the significant high of $31.97 it set around 11 months ago.
