Struggling to find upward momentum, Cosmos Atom has shed $0.152 to currently trade at $10.13 as it ranges between $10.09 and $10.36 so far today.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
Meanwhile, United States ISM Non-Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4. United States Factory Orders came out at 1%, better than analyst estimates of 0.7% and improving upon the previous reading of 0.3%. United States ISM Non-Manufacturing Employment (Nov) came out at 51.5.
Cosmos USD made an initial break below its 10 day Simple Moving Average at $10.17, a possible indication of a forthcoming negative trend. Cosmos Atom's upper Bollinger Band® is at $10.67 which indicates a further downward move may follow. In contrast, Cosmos Atom could begin to recover as it approaches significant support, now 4 cents away from $10.08. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Cosmos Atom to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Cosmos Atom is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.39, Ripple lost $0.005 and is trading around $0.385. FTX Token is down to $1.38, losing $0.014, after closing at $1.39 in the preceding trading session. After ending today's session at $0.1, Dogecoin lost $0 and is trading around $0.1.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
Approximately 10 months ago, Cosmos Atom reached a significant high of $43.67 but has struggled to hold onto its gains and declined 76.47% since then.