Is the bullish run coming to an end? Tezos down to $0.816 (-1.32%)

While Tezos is in the midst of a 5 day up trend, Bucking the trend and turning lower, Tezos weakened earlier in the day, before moving away from its $0.811 low and recovering back to $0.816.

Tezos USD made an initial break below its 3 day Simple Moving Average at $0.792, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $0.826 serving as intraday support. Tezos's upper Bollinger Band® is at $0.851 which indicates a further downward move may follow. On the other hand, note that Tezos could begin to recover as it approaches significant support, now 1 cents away from $0.804. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Tezos to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Tezos is expected to attract significant bearish sentiment in the coming days.

Furthermore, United States ISM Manufacturing PMI (Jun) is scheduled for tomorrow at 14:00 UTC.

Pointing downwards for around 3 months. Approximately 10 months ago, Tezos reached a significant high of $1.93 but has struggled to hold onto its gains and declined 57.07% since then.