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March 02, 2023
Tezos weakened earlier in the day, before moving away from its $1.17 low and recovering back to $1.17.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in Tezos are expected to follow.
Nonetheless, encouraging indicators for Tezos published earlier when United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.
Amid the market gloom, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.
Tezos USD made an initial break below its 21 day Simple Moving Average at $1.17, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1.17 currently serving as support. If price action breaks below, the next Fib hurdle is $1.14. In contrast, although Tezos is down today and was as low as $1.17, it seems to be recovering slightly and climbing away from the $1.15 support line and is now 3 cents above it.
In the short term, Tezos is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. Ripple is down to $0.379, losing $0.004, after closing at $0.384 in the preceding trading session.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Looking ahead, ongoing depreciation may be prolonged as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
Registering some good gains for about 2 months now. Tezos has fallen back around 70.28% over the past 10 months, from a notable high of $4.04.
