| 
June 08, 2023
Tezos is on an 11 day downtrend Today is looking a bit better: Tezos trades at $0.846, after ending today at $0.846.
Tezos's state is reflected by market data as Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million. United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Trend-focused traders would be interested to note 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. Asset volatility analysis shows that Tezos's upper Bollinger Band® is at $0.943 and the lower is $0.838. As the trading day commences, technical analysis suggests Tezos is approaching key support, around 1 cents away from $0.833. 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.
With market volatility ebbing, the current technical outlook indicates Tezos will remain range-bound for the immediate future.
Meanwhile, mixed performances are seen elsewhere as FTX Token surges 9.54% to trade around $1.36. UNICORN Token USD closed at $6.43 (down 2.98%).
Moreover, today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.
Pointing downwards for around 2 months. 11 months ago Tezos reached a significant high of $2.23 but has consequently lost 61.98% since then.
