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April 11, 2023
Tezos is now trading at $1.12 after tracing out a steady $1.12 – $1.13 range today.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
Tezos USD made an initial break below its 200 day Simple Moving Average at $1.12, a possible indication of a forthcoming negative trend. Tezos's upper Bollinger Band® is at $1.15, suggesting that a downward move may follow. In contrast, Tezos is approaching key support, around 3 cents away from $1.1. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Tezos is positioned for a downward move in the near term.
While Tezos is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. Solana improves 7.3% to trade around $22.43. Binance Coin is up 4% to $331.29.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
On an upward trend for about a month now. Tezos has fallen back around 65.8% over the past 11 months, from a notable high of $3.28.
