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March 08, 2023
Cosmos Atom slides down from $11.76 to $11.36 today, losing $0.404 (3.43%).
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million.
While price action maintains a negative bias, United States JOLTs Job Openings (Jan) released today at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.
As the trading day comes to an end, chart analysis indicates Cosmos USD broke through the $11.69 support line and dropped 33 cents below it. Concerning technical analysis and more specifically, trend indicators, 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, Cosmos Atom's lower Bollinger Band® is at $11.03, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Cosmos Atom will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Solana dips 7.11% to trade around $18.84. Algorand USD slumps 5.96% to trade around $0.205.
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 Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 190,000; data will be released tomorrow at 13:30 UTC.
Cosmos Atom has fallen back around 63.21% from the significant high of $31.97 set 11 months ago.
