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April 06, 2023
Cosmos Atom is grinding lower from $11.53 to $11.43, shedding $0.097 (0.84%) today.
United States Initial Jobless Claims didn't cause a noticeable effect even though it falls short expectations with 228,000.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000. United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
Meanwhile, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5.
As the trading day comes to an end, chart analysis indicates Cosmos USD could begin to recover as it approaches significant support, now 23 cents away from $11.2. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that despite being in the red so far in the current trading session, Cosmos Atom peaked above its 21 day Simple Moving Average around $11.51 — typically an early indicator of a new bullish trend beginning to emerge. Asset volatility analysis shows that Cosmos Atom's upper Bollinger Band® is at $12 which indicates a further downward move may follow.
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, Cardano is down $0.008 from the beginning of the session and now trades around $0.384.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. EOS is up 3.57%.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000.
Furthermore, United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.
Cosmos Atom reached a significant high of $27.69 around 11 months ago but has lost 58.36% since then.
