Mixed sentiment leads Tezos cryptocurrency to trade sideways; establishes tight $1.1 to $1.11 range

Without a clear-cut direction, Tezos is trading around $1.1 and ranging between $1.1 and $1.11.

This uncertain state for Tezos is reflected by published market data as data for United States Unemployment Rate published yesterday at 12:30 UTC came out at 3.5, beating projections of 3.6 and showing improvement over the preceding figure of 3.6. United States Non Farm Payrolls published yesterday at 12:30 UTC came out at 236,000, falling short of the 239,000 projections and continuing its decline from the previous 326,000 figure. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.

Following today's trading session, chart analysis suggests Tezos USD is approaching key support, around 3 cents away from $1.08. 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. Trend and momentum analysis indicates that Tezos made an initial breakout above its 3 day Simple Moving Average at $1.11, a potential indicator of a newly emerging bullish phase. Fibonacci-minded traders witnessed a key Fib level of $1.09 holding firm – an indicator of highly concentrated demand around this level. Asset volatility analysis shows that Tezos's upper Bollinger Band® is at $1.17, suggesting that a downward move may follow.

The current technical outlook indicates Tezos will continue to ebb sideways within tight ranges for the immediate future.

While Tezos is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54% to $1.36. Ripple is down to $0.506, losing $0.007, after closing at $0.513 in the preceding trading session. EOS closed at $1.2 (down 1.55%).

Trading mostly sideways for 28 days. Tezos has fallen back around 66.46% over the past 11 months, from a notable high of $3.28.