Is it the end of Tezos's rally? After five days of gains, it is down by 2.63% today

Tezos crashes after losing $0.031, breaking down to $1.15.

While price action maintains a negative bias, United States TIC Net Long-Term Transactions (Feb) came out at 71 billion, while a consensus of analysts was expecting 101.9 billion. United States NY Empire State Manufacturing Index (Apr) released today at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.

Tezos USD made an initial break below its 5 day Simple Moving Average at $1.16, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1.15 currently serving as support. If price action breaks below, the next Fib hurdle is $1.12. Tezos's upper Bollinger Band® is at $1.17 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 $1.16. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Tezos.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.235, Algorand USD lost $0.014 and is trading around $0.22. After ending today's session at $30,300, Bitcoin lost $854.1 and is trading around $29,446.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Furthermore, United States Building Permits (Mar) is expected tomorrow at 12:30 UTC.

Trending positively for about a month. Tezos has fallen back around 63.52% over the past 11 months, from a notable high of $3.23.