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March 11, 2023
Tezos is on an 8 day downtrend Today is looking a bit better: Tezos trades at $1, after ending today at $1.
Tezos's state is reflected by market data as highly important Non Farm Payrolls data from United States beat analyst expectations of 205,000 with a reading of 311,000. Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
As the day gets underway, chart analysis suggests Tezos USD is approaching key support, around 4 cents away from $0.969. 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. Trend and momentum analysis indicates that 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 asset volatility analysis, Tezos's upper Bollinger Band® is at $1.35 and the lower is $0.944.
With market volatility ebbing, the current technical outlook indicates Tezos will remain range-bound for the immediate future.
At the same time, mixed performances are seen elsewhere as FTX Token added 9.54% to its value, now trading at $1.36. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Tezos has fallen back around 74.93% from the significant high of $4.04 set 11 months ago.
