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May 07, 2023
Tezos has been losing ground for 22 days, shedding a total of 16.86% of its value. Today is looking a bit better: Tezos drops from $0.985 to $0.98, losing $0.005 (0.54%) today.
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. Tezos's upper Bollinger Band® is at $1.05, suggesting that a downward move may follow. Despite this, Tezos is approaching key support, around 1 cents away from $0.973. 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 soars 9.54% to trade around $1.36. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Pointing downwards for around a month. Approximately 11 months ago, Tezos reached a significant high of $2.56 but has struggled to hold onto its gains and declined 61.49% since then.
