| 
March 03, 2023
Tezos slides down from $1.18 to $1.07 today, losing $0.106 (9%).
In contrast, positive data for Tezos reported earlier when highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000.
While price action maintains a negative bias, United States Nonfarm Productivity (QoQ) (Q4) came out at 1.7, while a consensus of analysts was expecting 2.6. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 3.2, while the previous figure was two.
As the trading day commences, technical analysis suggests Tezos USD fell below the $1.14 support zone and moved 7 cents beyond it; the next level of support with significant buyer interest is estimated at $1.11. Trend-focused traders would be interested to note that Tezos made an initial break below its 50 day Simple Moving Average at $1.11, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $1.1, market bears have earmarked $1.03 as the next downside target. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $1, a low enough level to, generally, suggest that Tezos is trading below its fair value.
All in all, the technical analysis suggests Tezos has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $95.32, Litecoin lost $6.6 and is trading around $88.72. Dogecoin dips 6.86% to trade around $0.075. EOS is trading around $1.16 (down $0.085).
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is expected today at 15:00 UTC.
Registering some good gains for about 2 months now. Tezos is now trading 70.85% below the significant high of $4.04 it set around 10 months ago.
