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April 13, 2023
Cosmos Atom rallies $0.218 (1.93%) deep into the session, trading at $11.55.
- United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 232,000.
- Today's gains follow 18 days of flat trade
Earlier data releases related to Cosmos Atom – United States Crude Oil Inventories beat analyst expectations of -583,000 and the previous reading of -3.74 million with new data of 597,000. United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%.
Technical analysis of Cosmos Atom before macro data is released:
Technical chart analysis shows Cosmos USD reversed direction at $11.42 resistance zone and retreated back 13 cents below it. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $11.58, 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.
Coming up for Cosmos Atom — United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC. As things stand, upcoming United States Core Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC.
As the markets get ready for more data to be released — FTX Token leaps up 9.54% to trade around $1.36. Ethereum increases 3.68% to trade around $1,989.63. Dogecoin ascends 3.6% to trade around $0.087.
Cosmos Atom is trading 54.2% lower compared to the $24.7 high it reached over the past year.
