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June 08, 2023
Having ended the last trading session at $9.42, Cosmos Atom dropped to $9.4 today, hitting its lowest point in 5 months. Later, it recovered $0.078 and is now trading at $9.48.
Cosmos Atom's state is reflected by market data as Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million. United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Trend and momentum analysis indicates that 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 $11.24 and the lower is $9.52. As the day gets underway, chart analysis suggests Cosmos Atom is approaching key support, around 21 cents away from $9.27. 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.
The current technical outlook indicates Cosmos Atom will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. EOS is up 2.81%. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released today at 12:30 UTC.
On a negative trend for around 2 months. Cosmos Atom has fallen back around 43.27% from the significant high of $16.6 set 8 months ago.
