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February 22, 2023
Cosmos Atom drops from $13.86 to $13.29, losing $0.572 (4.13%) today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
While price action maintains a negative bias, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Cosmos USD reversed direction at $13.67 support zone and climbed 37 cents above it. Despite being in the red so far in the current trading session, Cosmos Atom peaked above its 10 day Simple Moving Average around $13.89 — typically an early indicator of a new bullish trend beginning to emerge. Cosmos Atom's lower Bollinger Band® is at $12.86, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that Cosmos Atom (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash closed at $138.36 (down 4.69%). Bitcoin closed at $23,776 (down 2.76%).
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at 1.17 million — worse than previous data of 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
On an upward trend for about 2 months now. Cosmos Atom has gained 45.69% since its lowest print of $6.07 earlier this year.
