While Cosmos Atom is on a 3 day uptrend Today's session might suggest a slow down — after ending today at $9.9, today Cosmos Atom went up to $10.18 before paring back gains and settling around $9.87.
Cosmos Atom's state is reflected by market data as United States Crude Oil Inventories released earlier showed a marked improvement to -3.69 million from the preceding data of -5.4 million, but fell short of the -1 million figure forecast by a consensus of market analysts. United States New Home Sales (Oct) released yesterday at 15:00 UTC with a figure of 632,000, while the previous figure was 588,000. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.5%.
Cosmos USD is approaching key support, around 23 cents away from $9.64. 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. Cosmos Atom made an initial breakout above its 10 day Simple Moving Average at $9.89, a potential indicator of a newly emerging bullish phase.
Despite muted price action in Cosmos Atom, chart analysis indicates it is positioned for a bullish run in the short term.
While Cosmos Atom is pretty flat so far today, mixed performances are seen elsewhere as Algorand USD is down $0.007 from the beginning of the session and now trades around $0.239. Cardano is trading around $0.313 (down $0.006).
Cosmos Atom is now trading 77.34% below the significant high of $43.67 it set around 10 months ago.