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March 04, 2023
Trading lower, Cosmos Atom is currently down $0.108 as it ranges between $11.89 and $12.07 so far today.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 55.1, while the previous figure was 55.2. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions came out at 128,800.
Trend-focused traders would be interested to note 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $11.63, a low enough level to, generally, suggest that Cosmos Atom is trading below its fair value. As the trading day comes to an end, chart analysis indicates Cosmos Atom could begin to recover as it approaches significant support, now 5 cents away from $11.95. Dipping below could be an indication that further losses are ahead.
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, EOS closed at $1.26 (down 4.47%). After ending today's session at $1.17, MaticNetwork USD lost $0.037 and is trading around $1.13.
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.
Having soared to a high of $31.97 approximately 10 months ago, Cosmos Atom is now trading 62.43% lower.
