After three days of going down, Tezos is flat today, hovering around $0.859

Tezos trades at $0.859, after ending today at $0.857.

Uncertainty around Tezos is reflected by published market data as United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Following a previous reading of 0.6%, Factory Orders in United States released yesterday at 14:00 UTC fell short of the 1.1% figure expected by analysts with an actual reading of 0.4%.

The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Tezos's upper Bollinger Band® is at $0.94, suggesting that a downward move may follow. On the other hand, note that Tezos is approaching key support, around 3 cents away from $0.825. 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.

Despite the market lacking direction, technical chart analysis strongly suggests Tezos is positioned for a downward move in the near term.

At the same time, mixed performances are seen elsewhere as FTX Token is up 9.54%. UNICORN Token USD closed at $6.43 (down 2.98%). TRON moves 0.4% to trade around $0.079.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million. United States EIA Short-Term Energy Outlook is expected today at 16:00 UTC.

Pointing downwards for around 2 months. Approximately 11 months ago, Tezos reached a significant high of $2.23 but has struggled to hold onto its gains and declined 61.5% since then.