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May 10, 2023
A 25 day downtrend has resulted in the asset losing $0.272. Today is looking a bit better: without a clear-cut direction, Tezos is trading around $0.906 and ranging between $0.905 and $0.908.
United States Core Consumer Prices is next.
Uncertainty around Tezos is reflected by published market data as United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.
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 $1.07 and the lower is $0.9. As the day gets underway, chart analysis suggests Tezos is approaching key support, around 1 cents away from $0.897. 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.
With market volatility ebbing, the current technical outlook indicates Tezos will remain range-bound for the immediate future.
While Tezos is pretty flat so far today, mixed performances are seen elsewhere as FTX Token rallies 9.54% to trade around $1.36. Bitcoin Cash slides down 1.43% to trade around $120.23.
Furthermore, the market is looking at United States Consumer Price Index is expected today at 12:30 UTC. United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.
On a negative trend for around a month. Tezos reached a significant high of $2.23 around 10 months ago but has lost 59.23% since then.
