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April 25, 2023
While on a 10 day slump, falling a total of 15.46%, Similar trend today: after closing at $1 today, Tezos opened today at $1, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Tezos retains a distinct $0.995 to $1 daily range.
United States Building Permits is next today at 13:30 UTC.
Technical chart analysis shows Tezos USD could begin to recover as it approaches significant support, now 2 cents away from $0.993. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $0.967, a low enough level to, generally, suggest that Tezos is trading below its fair value.
All in all, the technical analysis suggests Tezos has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is trading around $6.43 (down $0.197).
Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.
Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Building Permits is expected today at 13:30 UTC.
Trending downwards for around a month. Over the past a year, Tezos has retreated 66% from a noteworthy peak of $2.95.
