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May 19, 2023Cosmos Atom slides down from $10.74 to $10.58 today, losing $0.157 (1.46%).
On the flip side, data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 242,000, beating projections of 254,000 and showing improvement over the preceding figure of 264,000.
Meanwhile, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Cosmos Atom's upper Bollinger Band® is at $11.31 which indicates a further downward move may follow. In contrast, Cosmos Atom could begin to recover as it approaches significant support, now 13 cents away from $10.45. Dipping below could be an indication that further losses are ahead.
Overall, the technical analysis landscape suggests that on the balance of probability, Cosmos Atom is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD closed at $6.43 (down 2.98%). Cardano closed at $0.368 (down 1.1%).
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Furthermore, United States Fed Chair Powell speech is scheduled today at 15:00 UTC.
Trading mostly sideways for 2 months. Cosmos Atom is now trading 26.91% below its 3-month high of $16.6.
