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April 19, 2023
Cosmos Atom crashes after losing $0.7, breaking down to $11.84.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in Cosmos Atom are expected to follow.
While price action maintains a negative bias, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. United States Housing Starts published yesterday at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure.
Cosmos USD made an initial break below its 200 day Simple Moving Average at $11.75, a possible indication of a forthcoming negative trend. Cosmos Atom formed a session range of $11.68 to $12.58 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $12.29. Cosmos Atom's upper Bollinger Band® is at $12.78 which indicates a further downward move may follow. Cosmos Atom pushed below the $12.19 support level and extended 34 cents beyond it.
Looking forward, Cosmos Atom is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, after ending today's session at $1.22, EOS lost $0.094 and is trading around $1.12. Ripple is trading around $0.497 (down $0.036). Litecoin dips 6.62% to trade around $95.05.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at -1 million — worse than previous data of 597,000; data will be released today at 14:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
Trading mostly sideways for a month. Cosmos Atom has shed $12.19 points and is languishing 49.29% lower over the past year, leaving its yearly highs around $24.67 in the rear-view mirror.
