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April 18, 2023
While trading sideways for 23 days, Today's session suggests a further slowdown — Cosmos Atom is down to $12.26, after ending today at $12.35. Overall, a 0.76% loss or $0.093 today.
Amid the market gloom, United States TIC Net Long-Term Transactions (Feb) released yesterday at 20:00 UTC with a figure of 71 billion, while the previous figure was 31.9 billion. United States NY Empire State Manufacturing Index (Apr) came out at 10.8, while a consensus of analysts was expecting -18.
Technical analysis trend indicators suggest that despite being in the red so far in the current trading session, Cosmos USD peaked above its 5 day Simple Moving Average around $12.36 — typically an early indicator of a new bullish trend beginning to emerge. Cosmos Atom bounced $0.033 away from Fibonacci support at $12.29. According to asset volatility analysis, Cosmos Atom's upper Bollinger Band® is at $12.74 which indicates a further downward move may follow. As the day gets underway, chart analysis suggests Cosmos Atom pushed below the $12.31 support level and extended 5 cents beyond it.
Overall, the technical outlook suggests Cosmos Atom is likely to remain muted for the immediate future, with no clear-cut direction.
Positive performances can be seen by looking at other markets as FTX Token added 9.54% to its value, now trading at $1.36. UNICORN Token USD gained 1.62% and is now trading at $6.47.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with -2.46 million while previous data was 597,000; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Building Permits (Mar) will be released today at 12:30 UTC.
Trading mostly sideways for a month. Cosmos Atom is now trading 49.93% below the significant high of $24.67 it set around 11 months ago.
