Bearish Tezos currently $0.018 lower after trading as low as $0.875

Tezos crashes after losing $0.018, breaking down to $0.878.

Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -920,000. Potentially significant price fluctuations in Tezos are expected to follow.

While price action maintains a negative bias, United States New Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Services PMI came out at 55.1, while a consensus of analysts was expecting 52.6. United States Building Permits came out at 1.15 million, while a consensus of analysts was expecting 1.42 million.

Tezos USD's upper Bollinger Band® is at $0.955 which indicates a further downward move may follow. Despite this, Tezos could begin to recover as it approaches significant support, now 1 cents away from $0.881. Dipping below could be an indication that further losses are ahead.

In the short term, Tezos is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, Litecoin closed at $86.67 (down 5.44%). Ripple is down $0.01 from the beginning of the session and now trades around $0.455.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories expected to decline to -920,000 while its preceding data was 5 million, data will be available today at 14:30 UTC. United States Initial Jobless Claims projected to come out at 250,000 — worse than previous data of 242,000; data will be released tomorrow at 12:30 UTC.

Moreover, United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released tomorrow at 14:00 UTC.

Trending downwards for around 2 months. Tezos is now trading 32.55% below its 3-month high of $2.23.