Mixed sentiment leads Cosmos Atom cryptocurrency to trade sideways; establishes tight $9.1 to $9.19 range

Cosmos Atom trades at $9.18 after gaining $0.058 (0.64%).

United States Fed Chair Powell speech is next.

Cosmos Atom's state is reflected by market data as following a previous reading of -3.83 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1.76 million figure expected by analysts with an actual reading of -9.60 million. United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.

As the day gets underway, chart analysis suggests Cosmos USD is approaching key support, around 27 cents away from $8.91. 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. With regards to technical trend indicators, chart analysis show that Cosmos Atom made an initial breakout above its 10 day Simple Moving Average at $9.15, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Cosmos Atom's upper Bollinger Band® is at $9.57, suggesting that a downward move may follow.

Overall, technical indicators suggest Cosmos Atom has no obvious direction for the immediate future.

Meanwhile, mixed performances are seen elsewhere as FTX Token is up 9.54%. Binance Coin is up 1.06%. Bitcoin Cash is up 1.19%.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as projections for United States GDP are set for a continuation of decline with 1.4 while previous data was 2.6; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000. United States Core PCE Price Index (MoM) (May) will be released tomorrow at 12:30 UTC.

On a negative trend for around 3 months. Cosmos Atom has fallen back around 45.05% from the significant high of $16.6 set 9 months ago.