Mixed sentiment leads Cosmos Atom cryptocurrency to trade sideways; establishes tight $10.28 to $10.44 range

Without a clear-cut direction, Cosmos Atom is trading around $10.44 and ranging between $10.28 and $10.44.

United States GDP is next today at 12:30 UTC.

Cosmos Atom's state is reflected by market data as Crude Oil Inventories in United States fell short of market expectations (-920,000) with a reading of -12.46 million, continuing the decline from the previous figure of 5 million. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.749, while the previous figure was 3.5. United States Cushing Crude Oil Inventories came out at 1.76 million, while a consensus of analysts was expecting 804,000.

Cosmos USD's upper Bollinger Band® is at $11.2, suggesting that a downward move may follow. In contrast, Cosmos Atom made an initial breakout above its 3 day Simple Moving Average at $10.43, a potential indicator of a newly emerging bullish phase. Cosmos Atom is approaching key support, around 22 cents away from $10.22. 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.

According to technical indicators, Cosmos Atom is positioned for a downward move in the short term.

While Cosmos Atom is pretty flat so far today, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. TRON is up 0.91% to $0.078.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released today at 14:00 UTC. Projections for United States Core Durable Goods Orders are set for a continuation of decline with 0% while previous data was 0.2%; data will be released tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.1 from the preceding figure of 2.6.

Trending downwards for around 2 months. Cosmos Atom is now trading 20.09% below its 3-month high of $16.6.