Tezos continues trading sideways, currently at $1.1

It's been more of the same this session on the back of 18 days of flat trade, Today's session so far looks to be heading in a similar way — after dropping down to $1.09, Tezos recovers some losses and is currently trading at $1.1.

United States Initial Jobless Claims is next.

This uncertain state for Tezos is reflected by published market data as United States Crude Oil Inventories beat analyst expectations of -583,000 and the previous reading of -3.74 million with new data of 597,000. United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.

Price action remains constrained around the key Fibonacci level of $1.09 currently serving as support. If price action breaks below, the next Fib hurdle is $1.05. Tezos's upper Bollinger Band® is at $1.15, suggesting that a downward move may follow. Despite this, Tezos is approaching key support, around 2 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.

Despite the market lacking direction, technical chart analysis strongly suggests Tezos is positioned for a downward move in the near term.

At the same time, mixed performances are seen elsewhere as FTX Token is up 9.54%. After ending today's session at $2.23, NEAR Protocol lost $0.04 and is trading around $2.19.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC. United States Core Retail Sales expected to decline to -0.3% while its preceding data was -0.1%, data will be available tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 232,000 from the preceding figure of 228,000.

Trading mostly sideways for a month. Having set a significant high of $3.28 11 months ago, Tezos is trading 66.56% lower.