Bullish phase under threat as Tezos stays range-bound

On a 7 day uptrend, Today's session might suggest a slow down — Tezos is now trading at $0.848 after tracing out a steady $0.847 – $0.851 range today.

Uncertainty around Tezos is reflected by published market data as United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released yesterday at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) came out at 41.8.

As the day gets underway, chart analysis suggests Tezos USD is approaching key support, around 1 cents away from $0.835. 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 regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Tezos's upper Bollinger Band® is at $0.877, suggesting that a downward move may follow.

Notwithstanding Tezos's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Meanwhile, mixed performances are seen elsewhere as FTX Token is up 9.54% to $1.36. Bitcoin Cash closed at $283.88 (down 2.25%).

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States FOMC Meeting Minutes scheduled to come out tomorrow at 18:00 UTC.

Tezos has fallen back around 55.94% over the past 10 months, from a notable high of $1.93.