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April 24, 2023
While in the midst of a 10 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Cosmos Atom posts light gains on a low-volatility day, ranging between $10.67 – $10.97 and is now at $10.89.
Cosmos USD made an initial breakout above its 5 day Simple Moving Average at $10.95, a potential indicator of a newly emerging bullish phase. Cosmos Atom's lower Bollinger Band® is at $10.2, indicating that the market is oversold and fertile for new buyers. Despite this, Cosmos Atom could be slowing down soon; it is getting close to the resistance line and is now at $10.97, only 8 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Cosmos Atom to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Cosmos Atom is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as FTX Token is up 9.54%.
At the same time, UNICORN Token USD stumbles 2.98% to trade around $6.43.
Furthermore, the market is looking at United States Consumer Confidence projected to decline to 104 while previous data was 104.2; data will be released tomorrow at 14:00 UTC.
Also worthy of note, United States Building Permits will be released tomorrow at 13:30 UTC. United States New Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
Trending downwards for around a month. Cosmos Atom has fallen back around 51.1% from the significant high of $22.11 set 11 months ago.
