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June 03, 2023It's been more of the same this session on the back of 11 days of flat trade, Today's session so far looks to be heading in a similar way — Tezos slides down from $0.91 to $0.905 today, losing $0.004 (0.49%).
Uncertainty around Tezos is reflected by published market data as United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 294,000 with new data of 339,000. Highly important Average Hourly Earnings data from United States beat analyst expectations of 0.4% with a reading of 0.3%. Following a previous reading of 3.4, Unemployment Rate in United States released yesterday at 12:30 UTC fell short of the 3.5 figure expected by analysts with an actual reading of 3.7.
Tezos USD made an initial break below its 5 day Simple Moving Average at $0.91, a possible indication of a forthcoming negative trend. Tezos's upper Bollinger Band® is at $0.933, suggesting that a downward move may follow. In contrast, Tezos is approaching key support, around 2 cents away from $0.889. 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.
Meanwhile, mixed performances are seen elsewhere as FTX Token is up 9.54%. Having closed the previous session at $6.37, UNICORN Token USD is up 1.62% today to currently trade at around $6.47.
Trending downwards for around 2 months. Over the past 11 months, Tezos has retreated 59.13% from a noteworthy peak of $2.23.
