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May 06, 2023Cosmos Atom drops from $11.23 to $10.93, losing $0.3 (2.69%) today.
On the flip side, highly important Average Hourly Earnings data from United States beat analyst expectations of 0.3% with a reading of 0.5%. United States Non Farm Payrolls came out at 253,000, better than analyst estimates of 180,000 and improving upon the previous reading of 165,000. Data for United States Unemployment Rate published yesterday at 12:30 UTC came out at 3.4, beating projections of 3.6 and showing improvement over the preceding figure of 3.5.
Cosmos USD could begin to recover as it approaches significant support, now 13 cents away from $11.06. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Cosmos Atom peaked above its 10 day Simple Moving Average around $11.24 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $10.43, a low enough level to, generally, suggest that Cosmos Atom is trading below its fair value. On the other hand, note that Cosmos Atom formed a session range of $10.8 to $11.28 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $10.81.
Technical analysis shows that Cosmos Atom (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, Litecoin closed at $84.12 (down 5.31%). Ethereum is down $95.96 from the beginning of the session and now trades around $1,901.71.
Other assets are showing positive performances as FTX Token is up 9.54%.
Trading mostly sideways for a month. Cosmos Atom is now trading 23.69% below its 3-month high of $17.67.
