Without a clear-cut direction, Cosmos Atom is trading around $9 and ranging between $8.85 and $9.04.
United States Existing Home Sales (Nov) is next.
Uncertainty around Cosmos Atom is reflected by published market data as United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3 million, while the previous figure was 7.82 million. United States Housing Starts (Nov) came out at 1.43 million, while a consensus of analysts was expecting 1.4 million.
Japanese candlestick formations show a "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term. With regards to technical trend indicators, chart analysis show that Cosmos Atom made an initial break below its 5 day Simple Moving Average at $8.86, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Cosmos Atom's upper Bollinger Band® is at $10.65 and the lower is $8.45. Technical analysis of Cosmos Atom's past price action reveals multiple support and resistance levels: Cosmos Atom is approaching key support, around 34 cents away from $8.65. 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.
All in all, the technical analysis suggests Cosmos Atom has no clear-cut direction.
While Cosmos Atom is pretty flat so far today, mixed performances are seen elsewhere as Dogecoin closed at $0.073 (down 2.07%). FTX Token is down $0.02 from the beginning of the session and now trades around $0.917. Cardano is down to $0.254, losing $0.005, after closing at $0.259 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories expected to decline to -1.66 million while its preceding data was 10.23 million, data will be available today at 15:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 222,000, following on from the preceding figure of 211,000. New data is set to be published tomorrow at 13:30 UTC. United States Existing Home Sales (Nov) scheduled to come out today at 15:00 UTC.
Pointing downwards for around a month. Over the past 11 months, Cosmos Atom has retreated 79.47% from a noteworthy peak of $43.67.