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May 11, 2023
Cosmos Atom recovering almost all the way back to $11 today, after dipping down to $10.77.
- United States Producer Price Index data will be released today at 12:30 UTC, with an expected improvement to 0.3%. Cosmos Atom reaction to indicator information will follow.
- Today's down move comes after a 3 day uptrend, during which Cosmos Atom added 4.58% to its value.
Earlier data releases related to Cosmos Atom – data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million. United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%.
Here is the technical analysis of Cosmos Atom before macro data is released:
Cosmos USD made an initial break below its 10 day Simple Moving Average at $10.85, a possible indication of a forthcoming negative trend. Cosmos Atom is currently flirting with an active Fibonacci support level around $10.81. Cosmos Atom's upper Bollinger Band® is at $11.72 which indicates a further downward move may follow. On the other hand, note that Cosmos Atom could begin to recover as it approaches significant support, now 38 cents away from $10.48. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Cosmos Atom to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Cosmos Atom is expected to attract significant bearish sentiment in the coming days.
Coming up for Cosmos Atom — United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published today at 12:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 245,000, following on from the preceding figure of 242,000. New data is set to be published today at 12:30 UTC.
As the markets get ready for more data to be released — FTX Token added 9.54% to its value, now trading at $1.36. Cardano descends 2.56% to trade around $0.36. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Trading mostly sideways for a month. Cosmos Atom is now trading 19.57% below its 3-month high of $16.6.
