| 
June 09, 2023
Cosmos Atom dropped to $9.26, hitting its lowest point in 5 months. Later, it recovered $0.09 and is now trading at $9.35.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 261,000.
Amid the market gloom, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.31 trillion, while the previous figure was 3.21 trillion.
Technical analysis shows that Cosmos USD could begin to recover as it approaches significant support, now 2 cents away from $9.37. Dipping below could be an indication that further losses are ahead. 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 lower Bollinger Band® is at $9.35, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Cosmos Atom is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.323, Cardano lost $0.008 and is trading around $0.315.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Ripple ascends 1.9% to trade around $0.534.
Pointing downwards for around 2 months. Cosmos Atom has fallen back around 43.16% over the past 8 months, from a notable high of $16.6.
