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April 28, 2023Cosmos Atom trades at $11.48, after ending today at $11.54.
Cosmos Atom's state is reflected by market data as Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. Following a previous reading of 2.6, GDP in United States released yesterday at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1. Highly important Initial Jobless Claims data from United States beat analyst expectations of 248,000 with a reading of 230,000.
As the trading day commences, technical analysis suggests Cosmos USD is approaching key support, around 29 cents away from $11.19. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend and momentum analysis indicates that Cosmos Atom made an initial break below its 50 day Simple Moving Average at $11.53, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Cosmos Atom's upper Bollinger Band® is at $12.75 and the lower is $10.4.
Overall, while Cosmos Atom has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
At the same time, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. UNICORN Token USD withdraws 2.98% to trade around $6.43. Binance Coin is down $2.21 from the beginning of the session and now trades around $328.5.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core PCE Price Index (MoM) (Mar) is scheduled for today at 12:30 UTC.
Trading mostly sideways for a month. Over the past a year, Cosmos Atom has retreated 44.38% from a noteworthy peak of $20.75.
