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June 11, 2023
Tezos remains constrained within a $0.714 to $0.73 range and is currently trading around the $0.723 level.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates Tezos is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Tezos's lower Bollinger Band® is at $0.732, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Tezos's notable support and resistance levels: Tezos could begin to recover as it approaches significant support, now 6 cents away from $0.668. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Tezos will remain range-bound for the immediate future.
Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36. Having closed the previous session at $0.612, MaticNetwork USD is up 7.2% today to currently trade at around $0.656. Ripple improves 3.02% to trade around $0.522.
Trending downwards for around 2 months. Approximately 9 months ago, Tezos reached a significant high of $1.93 but has struggled to hold onto its gains and declined 62.13% since then.
