| 
February 28, 2023
In the last 5 days, Tezos has lost a total of 11.42% of its value. More of the same today: in a range-bound session favoring short positions, Tezos remains constrained in a $1.17 to $1.19 range and is currently trading close to $1.17.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5. Tezos reaction to indicator information will follow.
On the flip side, data for United States Pending Home Sales published yesterday at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.4% with new data of 0.7%.
Meanwhile, following a previous reading of 5.1%, Core Durable Goods Orders in United States released yesterday at 13:30 UTC fell short of the -4% figure expected by analysts with an actual reading of -4.5%.
Tezos USD made an initial break below its 21 day Simple Moving Average at $1.17, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1.17 currently serving as support. If price action breaks below, the next Fib hurdle is $1.14. In contrast, Tezos could begin to recover as it approaches significant support, now 1 cents away from $1.16. Dipping below could be an indication that further losses are ahead.
Looking forward, Tezos is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, NEAR Protocol closed at $2.26 (down 3.64%).
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million.
Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.
Registering some good gains for about a month now. Tezos is now trading 70.61% below the significant high of $4.04 it set around 10 months ago.
